Some may believe value investing is backward looking, but the value investor looks at both where a business has been and how its evolution may unfold. Every industry can be viewed as a group of competitors. It’s vital to seek companies which have attributes that distinguish them from the competition, and are designed to last. Ideally, a promising investment candidate has unique attributes AND a sound capital structure with ample liquidity. 

Source: Brandes on Value: The Independent Investor (1st ed.), Charles H. Brandes (McGraw-Hill, 2014)