Of
course valuations matter, so you can pay too much for good quality companies.
Not exact matches
Over the
course of a full market cycle however,
valuations are ultimately what
matter.
Of
course, starting
valuations always
matter and one reason why returns for all equities are so modest is because
valuation was sky high at the start of the time period.
I told myself that it didn't
matter because
valuations probably don't make that big a difference (I was of
course careful not to check whether this is actually so or...
Valuation matters too, of
course, but less than it did to value investing Nelson.