This link and its associated link to Bill Miller's letter capture the essence of value investing.

A disdain for conventional wisdom, and a pursuit of understanding the drivers of intrinsic value are the factors in stock selection. Having the capability to sit alone in an empty room, having the ability to allow benign neglect to allow ideas to develop and mature, having the ability to discern signal from noise are all attributes that contribute to the low turnover and the consequent success of Miller and many others.

The investment philosophy is one that many of us share; the deductive ability to discern intrinsic value in such unusual, controversial, and seemingly unlikely sectors and securities define his unique genius.

The honest humility and gratitude for his following also showcase a decent human being.