A sensible definition of a value stock is one whose (admittedly difficult to estimate accurately) intrinsic value is larger than its selling price. I don’t think that’s the definition being used by the authors. The “value” stocks referenced in the article I suspect are those for which most of their intrinsic value is based on present normalized earnings, not on future earnings. Easier to calculate, but that’s like only looking for your lost keys under a lamp post, where the ground is easier to see.