This is a follow up to the previous post. It is here I will try to reconcile some tensions. 1) Market timing is possible. If u are waiting for value to emerge, you are timing the market. When value is low, u buy, and over-valued u sell. 2) But The over-valued get higher and the under-valued get lower. This type of market timing is impossible. U can't really exit near top or bottom. 3) Value is not static Waren says buy great company at fair value. 20 + PE is a steal if a company can grow strongly over a few years In fact, if u can company prospect like Warren, I would say PE 30 is a good price, because just 2-3 years of good double digit growth, PE will be low. 4) Market Valuation of company is not static The actual same company with ......