"In the short term, the market is like a voting machine. But in the long term, it is like a weighing machine." Looking at the state of the stock market today and how distanced stock prices have become from its' underlying company fundamentals, I'm very much reminded of this age-old quote by legendary investor Benjamin Graham (also teacher of Warren Buffett). How apt for today, where stocks of nearly-bankrupt companies like Hertz have gone up by 50% literally overnight. Now, my general investing philosophy is simple: I invest in exceptional businesses and pay reasonable valuations for them. When reasonable valuations are elusive, I will continue building cash instead while waiting for opportunities to enter - SG Budget Babe But as I watched the stock prices of the companies on my watchlist shoot up in the past few months - even though some were issuing profit guidances - I was befuddled by how everything that was happening seemed to defy conventional investing wisdom and logic....