Dodge & Cox is the single best value oriented mutual fund manager out there, and I use their DODGX and international DODFX as core positions of my retirement (read: looooong term) portfolios.  When selecting a mutual fund, I look for two things.

First is talented and thorough management. D&C spends unusually great care in evaluating companies with proprietary buy-side analysis.  From my discussions with the PM of one of their large funds, they spend upwards of 3 months to 2 years evaluating a company before deciding to take a major position.  This means they can uncover carefully hidden off balance sheet attributes of companies, making sure to avoid the next Enron or Worldcom. They also have a very long term attitude that ensures PMs aren't swinging for the fences, with the plan to close a fund and open a new one if things go south.

My second criteria is fees.  DODGX charges in the 0.6% range, with no sales fees or loads.  Other very talented fund families like American Funds charge upwards of 5% loads to provide commissions to financial advisers who push their products.

I opened significant positions in the fund when they opened it up in February 2008, and have not yet seen upside, but plan to keep this one for 30 years.