There is this article from Clear Eye Investing I would like to share. It touches on some problems that I observed recently during the REIT ran up as well as some investors. There is an absence of looking at the importance of valuation. In most models the much discussed aspects have been the Business, the Cash Flow nature, and the operation conditions. With that in mind, a stock like SATS with a business model that does seems very sturdy when it was announced we will have terminal 4 and 5. Some will look at 4-4.5% as a good return with a 3% growth rate and buy based on that premise. At times the share price of 3.40 could have already baked in a 4% yield growing at 3%. In fact,  to be worthy of 3.40, the growth rate would need to be 7-8%. Is that possible? Perhaps. ......