The strong bull market has finally come to an end after many years, and investors are getting an opportunity to see the importance of owning value stocks. These types of equities provide security and resilience in any market, especially when there are challenging circumstances. 

While there's certainly an approach to value investing, which is Warren Buffett's way, most individual investors will benefit from a diversified portfolio that includes some value stocks. Bank of America (NYSE: BAC), American Express (NYSE: AXP), and Realty Income (NYSE: O) are three top value stocks heading into the new year.

Bank of America, also known as BofA, is the second-largest U.S. bank by deposits. Like any other large bank, it has consumer and commercial divisions offering services to individuals through savings and checking accounts, as well as investment-banking divisions and wealth management. But it's the popular consumer segments that are driving growth, and they make BofA look like an exciting company going into 2023.

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Source Fool.com