Does Valuation Matter? Less Than You Think If You Buy Quality
Summary: Even the best stocks suffer from extreme overvaluation: Today, the US stock valuations are at the highest since 1999, when the dot-com valuations went completely out of whack. In the decade after 1999, we witnessed the share price of fantastic companies like Coca-Cola, Intel, Cisco, and Wal-Mart languish despite delivering growth and excellent operational…