More money than ideas at this point
At the height of the credit crisis, value investors probably had more ideas than money. Even if you thought that the big US banks were too hairy, you could have picked up blue chips in technology or consumer staples. You could have bought Berkshire Hathaway. You could have bought business services like Paychex or ADP. You could have bought convertibles or distressed debt (or a mutual fund which specialized in that sort of thing, like Third Ave Value or one of the Mutual Series funds).
Right now, the market has been on a tear. I think there are select pockets of value. Blue chips generally are undervalued. Big Pharma is undervalued. There are a few other wide-moat stocks elsewhere. Some utilities are undervalued - I like Exelon and Westar.
However, Josh Peters, who runs two dividend-focused portfolios for Morningstar says that perhaps investors should consider holding cash, instead of buying. The market has run up quite a bit, and cash is always worth 100% of what you paid - ok, not always, but the situations in which cash isn't worth what you paid (money funds breaking the buck) aren't likely to recur.