“I bought on impulse”, “it was a speculation” these are some of the things we tend to hear or say when our fingers get itchy and haven’t been trading as often as we used to. This is also the period when we tend to make silly mistakes that cost us the most! Being in a market that has already experienced a substantial bull run means that many of the stocks are already trading at high valuations. To a value investor, it means that there’s very little opportunity to take up a new position because the stock’s P/E and P/B would most likely be classified as overpriced. Value investors at this point would most likely be holding onto a lot of cash, waiting for the big correction to come before they get an opportunity to load up on the stocks they were dying to buy before the correction. The challenge faced ......