Exactly why you are quoting me at the bottom of your piece i am unsure?
I gave my opinion for what its worth, if people feel what Warren's doing at present is worthwhile then so be it, but i am far from convinced about the value that is out there at present if i am looking for value in the medium term, in simple, i feel further downside to come, and would not suggest that it is luck taking a position to hold off, obviously impossible to be sure when or if we have reached the bottom, but its a calculated risk in determining what level of value you percieve or will be bourne out to prove this decision correct or incorrect.
From what you are saying the same analagy could be used in relation to the Irish housing market in that it has fallen and there is good value which of course will rise over time, but like the markets is it not fairly plain to be seen that there is further dowside risks which greatly outweight the upside. This is just my opinion of course which i made clear.
I take on board your point re research and values which of course are sound for the longer term and anyone investing should always stick by these principles if you dont then your are just gambling and have no reason for expecting a price increase/profit.