The Globe and Mail reports in its Saturday edition that it might look like a value investor's dream scenario: Major equity benchmarks tumble into bear-market territory, revealing oodles of beaten-up buying opportunities. The Globe's David Berman writes that if there was a takeaway from the 2025 Value Investing Conference on Tuesday when the S&P 500 was down as much as 21 per cent from its recent high, it was hardly a rallying cry for buying the dip. Some of that reluctance likely comes from the root mindset of value investing. These investors tend to be patient sorts who admire the disciplined and methodical approaches of Warren Buffett and Benjamin Graham. Downward market lurches might not expand their hunting grounds by much. Many value investors also believe that the broad market, as represented by major indexes such as the S&P 500, were ridiculously overpriced as recently as February. Jamie Dimon, the chief executive officer of JPMorgan and a big fan of U.S. President Donald Trump, said as much in his annual letter to shareholders last week, which argued forcefully against tariffs. "No matter how you measure it, equity valuations are still well above their historical averages," Mr. Dimon said.