You know the old adage for success in the stock market -- buy low and sell high. Well unfortunately too many Americans today are doing the exact opposite as they seek coverage from a very volatile stock market. They bought when this market was near the top and are now selling in panic.

I prefer to watch two men who clearly know how to buy low and sell high -- Warren Buffett (also known as the "Oracle of Omaha" and Bill Miller, a very successful fund manager at Legg Mason, who is known for his 15-year winning streak against the Standard & Poor's 500 stock index.

So are they selling or buying? Both are buying and buying big. According to Sunday's Washington Post, Buffett upped his stake in Kraft Foods (NYSE: KFT), Johnson & Johnson (NYSE: JNJ), U.S. Bancorp (NYSE: USB), and Wells Fargo (NYSE: WFC). He also took a new stake in GlaxoSmithKline (NYSE: GSK). Buffett disclosed that he owns 132 million shares in Kraft, which means he owns 8.6% in the maker of Ritz crackers, Philadelphia cream cheese, and Maxwell House coffee.

You can follow Warren Buffett by reading information he posts for his shareholders at Berkshire Hathaway. Take the time to read his letters to shareholders to understand the moves he's made over the years and why he's made them. You'll get a great education about value investing.

Bill Miller's been adding significantly to his holdings in JCPenney (NYSE: JCP). According to the Post story, he made most of those additions in the last three months of 2007 after JCPenney stock fell by nearly a third. You can learn more about Bill Miller's investing style at Legg Mason Capital Management.

Both men are value investors and now is the time to look for those good values.

Lita Epstein has written more than 20 books, including Trading for Dummies and Reading Financial Reports for Dummies.