Slate: The New Warren Buffett Way: from value investor to vulture investor.

With so many stocks having plummeted, so many companies beset by scandal, so much money fleeing the market, and such a crisis of investor confidence, one might expect that the classic value situations that are Buffett’s hallmark would be everywhere. Buffett should be grabbing an underpriced company every few days. The fact that Buffett, who has oodles of cash to put to work, hasn’t found many — and has instead been nibbling on distressed properties — shows just how overvalued stocks still are.