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The premise of value investing is to buy securities whose shares appear underpriced by some form of analysis. Warren Buffett is the strategy’s greatest adherent and also its greatest success story.
In the past six weeks, Buffett’s MidAmerican Energy Holdings Company has been on a renewable-energy investment spree, buying up the $2 billion Topaz Solar Farm, in Southern California; a 49 percent interest in the $1.8 billion Agua Caliente solar project, in Arizona; and, last week, another wind project acquisition in Illinois, which brings the company’s wind power portfolio to $6 billion.
