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<p>[QUOTE=&quot;passantgardant, post: 1161917, member: 30033&quot;]That&#039;s about the stupidest thing I&#039;ve ever heard... pricing is OBVIOUSLY a function of time, just as timing is a function of price.&nbsp; Your problem, Cloudsweeper99, is that you have a one-dimensional thought process.&nbsp; To prove this to yourself, grab a chart of any Buffett investment, follow his initial TIME of investment forward several years, and then ask yourself if at that TIME it is still a &quot;value&quot; investment.&nbsp; The &quot;value&quot; only exists at the point in TIME when you think it is at the bottom of an upward slope.&nbsp; When it is no longer a good &quot;value&quot;, i.e. near the top, it&#039;s prudent to trim your position or get out entirely.&nbsp; The only thing that distinguishes value investing from momentum investing is the need to TIME your investment near the bottom.&nbsp; Momentum investing merely tries to time the top, irrespective of whether it&#039;s closer to the top or the bottom at the initial time of investment.&nbsp; The Buffett quote I cited before, &quot;You pay a very high price in the stock market for a cheery consensus,&quot; is an indication that Buffett is well aware of this elementary fact, as &quot;cheery consensuses&quot; are a method of identifying tops in investing trends.&nbsp; If you want to time a bottom, i.e. discover a good &quot;value&quot;, you look for a lack of &quot;cheery consensus&quot;.[/QUOTE]</p><p><br /></p>

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