What are your winners & losers today?

[fenders53]

Yes, you have often payed fair value 24 months in advance. That can work for you if the company is a fast grower, or the market just stays frothy. If any small surprises come along for the Biz, or there is PE multiple contraction, you have set yourself up to be at break even or worse even years down the road. You just can't overpay for everything, or eventually you are going to underperform the market by a wide margin.

2020 was not normal. 2021 was closer but still well above average returns for most indexes. If you aren't more careful on your entries you are not going to enjoy a normal year when the market is flat or slightly down. Until the market corrects in earnest, even fair value is a little tough to find today. Only a few sectors are there.