[simo7]

> The central thesis of value investing is: if a company is going to close shop, the scrap value of that company will be higher than the market cap of that company. There's a lot more to it, but that's the gist of it.

There's enough "more to it", to make this statement incorrect.

You're describing Graham's style of value investing, Buffet's style is significantly different.

In fact the term "value investing" has now a very loose definition, since so many different styles are grouped under this term.

I'd say this is the most appropriate definition: "Investment is most intelligent when it is most businesslike" (straight from the Intelligent Investor).

In other terms, any type of investing that's not based on speculation is value investing.