GT – playing Devil’s advocate here – you don’t necessarily need to be looking for ‘value’ as such to find it. There are different routes to profit than to ‘chase’ value I think is David’s point(although David, if you’re looking in feel free to mail me your own response to GT’s thoughts – and I accept that GT if you are making a profit you are finding value somewhere along the line, whether you are consciously seeking it out in those terms or not).
I find the answers given to some excellent questions a little perplexing. Anyone setting out to make a profit over time without taking cognisance of betting at value prices is doomed to failure. Further,any service achieving initial success will inevitably spark a snowball effect which will reduce prices to below what is value long term. The fact that neither partner has succeeded at betting for a living before further undermines confidence in the venture. I wish them luck but they may find that reality and theory are two different animals.