If they were dogs they likely wouldn't be "below value", unless they were trading rock bottom, eg. below net cash.
In response to your previous post, buffet has been buying stocks in this market. And yes he does "buy low and sell high", aka buying undervalued stocks and selling them when they are overvalued. I would also say that early to mid 19th century style value, where companies sometimes trade below their working capital, may not return for a long time. In this case holding cash and waiting for a return to these levels of value may be a poor option, but you can still use the principles espoused by graham/buffet to invest. One of the foremost principles is to compare value with like companies.
People are very misguided if they think buying anything at any price and holding forever is value investing. I dont claim to be any good at value investing, I have made a few poor purchases by not considering important factors and I have also made a few good ones. I am learning though and my analysis is becoming higher quality and more in depth, extra study in accounting/finance would likely help.