Warren Buffett, the greatest investor of all time, has announced his retirement. Fellow value investors are in a state of shock. Unfortunately, they have more serious problems to consider. For years, their favoured investment style has been out of fashion. Clients have lost patience. In a world in which the U.S. stock market index has delivered consistently outsized returns, low-cost funds that passively track an index seem a no-brainer. Yet the prospects for value investors have always been always brightest when the rest of the world loses faith.