The Opposite of Momentum Old Republic International recently missed analysts' modest earnings estimates. The insurer's stock is down 14% on the year. One man's dog is another man's value play, however, and a number of savvy value investors are buying. The stock just popped into the Morningstar Value 450 because it's intrinsic value measure ratio makes it look cheap. Ed Walczak, manager of the strong-performing Vontobel U.S. Value, has been snapping up the stock. It also shows up in the portfolios of Oakmark, Clipper, and MAS Value.