The counterintuitive approach of the world's greatest value investor, Warren Buffett, may be the best hope for colleges and universities during this recession. Buffett's time-tested philosophy of seeking value and investing for the long term remains a sound approach, even if his short-term returns have declined along with those of the rest of the world in the current downturn. This article presents four instructive cases of innovative actions: Hendrix College, Virginia Polytechnic Institute and State University, Worcester Polytechnic Institute, and Duke University. The four represent quite different situations, institutions, and responses, but each demonstrates a variation on the Buffett approach: finding and embracing opportunity in troubled times.