By David Bogoslaw

With the Standard & Poor's 500-stock index up 60% from its March lows, should value investors lay low and hope for a double-dip recession? The rapid runup in stock prices—and the lack of evidence pointing to a major correction in the wings—no doubt has caused some sidelined investors to lament having missed out on a slew of great bargains.

But maybe they shouldn't fret. There are still stocks that the rally has left behind—mostly due to company- and industry-specific issues—that present tantalizing buying opportunities. Be warned, however: Some names won't pay off for a couple of years and will require patience.

At the fifth annual Value Investing Congress, held in New York on Oct. 19 and 20, there was...