Warren buffet: A good business that can be purchased for less than the discounted value of its future earnings.
Benjamin Graham: A company that can be purchased for substantially less than its intrinsic value.
Some other examples are:
The Corporate Raider: Companies whose parts are worth more than the whole.
The Real Estate Fixer – Upper: Run down properties that can be sold for much more than the investment required purchasing and renovating them.
The Arbitrageur: An asset that can be bought low in one market and sold simultaneously in another at a higher price.
The Crisis investor: Assets that can be bought at fire sale prices after some panic has hammered a market down.