1) Market timing is possible.
If u are waiting for value to emerge, you are timing the market. When value is low, u buy, and over-valued u sell.
2) But The over-valued get higher and the under-valued get lower.
This type of market timing is impossible. U can't really exit near top or bottom.
3) Value is not static
Waren says buy great company at fair value. 20 + PE is a steal if a company can grow strongly over a few years
In fact, if u can company prospect like Warren, I would say PE 30 is a good price, because just 2-3 years of good double digit growth, PE will be low.
4) Market Valuation of company is not static
The actual same company with same fundemental and earnings prowess can be worth different PE if the same company can travel through time. Even if Market is not depressed or exuberance, the Norma range of PE of a company like venture can be like 13-16. (Plot the PE sensitive graph over years yourself LOL) . There is 20% difference. Are we think 20 % correction is MOS?
The better your skills at company prospecting, the lesser you need to time the market. The less confident you are about your prospecting skills, the wiser perhaps to wait for the right wave.
It might seem like a no brainer, but ask those in the sidelines with Cash waiting for correction/ or bear, it is not a nice feeling seeing bloggers brag about the Multi-baggers and also Kanching$$$ kanching$$$
My track record tell me a am not a very good stock picker so should rely on dip more. But i do have companies with growth prospect in my radar than I am willing to jump in at a dip. LOL