Value Investing Is Not Necessarily Buy And Hold Investing

Many consider Warren Buffett as a great example of a successful value investor and Mr Buffett does ask the question if he will be comfortable holding a company for decades before he decides on making an investment in the stock. However, this is merely to ensure that the company he is considering investing in has quality of earnings and a sustainable competitive advantage that will confer a level of safety should something unpredictable occur in the future. 

Please note that even Mr Buffett will exit a position quickly (or as quickly as the liquidity allows) if he determines that the investment no longer has a merit.
Value investing is a process that aims to deliver outstanding long term returns. However, this should not be confused with the notion that value investors tend to buy stocks and hold them for the long term.

Value Investing is Essentially a Timing Exercise

It is not market timing in the sense most of us understand. Value investors choose to buy a stock when it is cheaper than the intrinsic value of the stock and sell it when it becomes more expensive. 

A company can come out with a news that could not have been predicted. The same stock that was overvalued at a given price, may suddenly become undervalued AT THE SAME PRICE. A new joint venture, FDA approval when the expectation was more delays, striking gold, whatever. Reverse may be true as well. A value investor tries to “time” the value of the company, whereas a market timer will completely miss this development as it is not something he is concerned with.