The biggest issue in value investing is the "realization of value" problem. It may take many years to realize the tremendous value you have discovered that no one else notices yet.
DEWY is an electrical contractor supply firm in NJ. They own land well in excess of their market value.
It came to my attention in 1996 when it was selling for $1 a share. Land values indicated it shoudl be over $2 a share at that time.
It now sells for $3.60 which is still a 50% discount to the value of the land holdings at current prices.
DEWY
http://finance.yahoo.com/q?s=DEWY.OB