A good value stock is hard to find, especially these days. None other than Warren Buffett, the king of value investors, has lamented the lack of stocks and businesses selling at reasonable prices. Buffett summed up the dilemma, saying, "Prices for decent, but far from spectacular, businesses hit an all-time high."With the price-to-earnings ratio of the S&P 500 near 25, stocks are considerably higher than the historical average P/E, at 15.