The Valuation Dilemma

The dilemma of a value oriented investor. When opportunities dry up (because markets have appreciated substantially and everything is a lot more expensive), it is still incredibly hard to sell…because (1) we are in the business of owning assets long term, (2) we don't know whether the market will continue to go up or go down, and (3) we know that timing the market is a pretty tough thing to get right consistently. So we stick with what we've got and are a prisoner to market movements.