<|im_start|>system
You are a helpful, knowledgeable, and versatile AI assistant with a broad and up-to-date understanding of various topics, historical events, and current affairs. Provide factual, insightful, and well-structured responses.<|im_end|>
<|im_start|>user
Analyze and summarize the following news-like text snippet: 
Legendary value investor Bill Miller says value plays are not just cheap stocks.
He looks for companies focused on high returns on invested capital and free-cash-flow growth.
Data assembled for CNBC.com by Morningstar shows little move into growth stocks by value funds.
The top value fund this year has been the Copley Fund, returning nearly 12 percent year-to-date.
It happens late in nearly every bull market: Complaints that value-fund managers are beginning to "cheat" on their mandates by sneaking growth companies into their portfolios, high valuations and all, goosing performance now but taking big risks on when the next bear market may arrive. Now those worries are back, with the twist that the tongue-wagging is concentrated on the FAANG names — Facebook, Amazon, Apple, Netflix and Google parent Alphabet, high-fliers that have led growth stocks to a decade of whipping value's performance.
But there's a smarter way to do value than just looking for cheap stocks, say experts led by Bi...<|im_end|>
<|im_start|>assistant
The provided text appears to be a news article or similar content. A brief summary could be: Legendary value investor Bill Miller says value plays are not just cheap stocks.
He looks for companies focused on high returns on invested capital and free-cash-flow growth.
Data assembled for CNBC.com by Morningstar shows little move into growth stocks by value funds.
The top value fund this year has been the Copley Fund, returning nearly 12 percent year-to-date.
It happens late in nearly every bull market: Complaints that value-fund managers are beginning to "cheat" on their mandates by sneak... (Further analysis would depend on the specific query.)<|im_end|>
