Value investing is an investment strategy that focuses on finding and investing in stocks or other assets whose market prices are below their Intrinsic Value. Value investors believe that the market does not always efficiently reflect the actual value of assets, and therefore, it is possible to find undervalued high-quality investment opportunities.

The key steps of value investing include:

1. **Evaluate Intrinsic Value**: Estimate the true value of the company by analyzing factors such as financial statements, business model, industry position, and management team.

2. **Compare Market Price and Intrinsic Value**: If a company's market price is below its intrinsic value, then this company may be an attractive investment target.

3. **Long-term Holding**: Value investors are typically willing to hold their investments for the long term, waiting for the market price to ultimately reflect the company's true value.

The concept of value investing was first proposed by Benjamin Graham, and his student Warren Buffett is one of the most famous practitioners of this strategy.

However, it is important to note that value investing is not always successful. Sometimes, market prices may remain below the Intrinsic Value for a long time, or investors may misestimate the company's Intrinsic Value. In addition, market uncertainty and risks may also affect investment outcomes. Therefore, value investing requires in-depth research, patience, and risk management.