How to Describe a Value Company?

L'auteur cherche à comprendre la définition des entreprises à valeur et leur caractérisation par différents experts financiers.

I’m not sure how to think about value companies. I’ve heard some folks like Rob Berger describe them as “good companies at a great price”, but in Bill Bernstein’s 4 Pillars of Investing, he describes them as “bad companies” that have fallen out of favor, which he goes on to say is why they get a higher return because they are riskier. Can anyone who understands this help explain?