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There are very successful investors (e.g., David Gardner, possibly Saul) who pay little if any attention to valuation. They identify companies they want to own a piece of, and then they buy. Period. And they also hold pretty much without concern for valuation. Let the market determine valuation, they say.

if I get this, this is the total addressable market technique
cramer talks a lot about it

And, of course, there are other successful investors who insist that valuation is everything: paying more than the DCF and expecting to do well over the long haul is incoherent.

if I get this, this is successful if the investor has unusual forecasting ability with the specific business in question, but DCF is always subject to many variables

Many folks seem (to me) to take a middle, perhaps Buffett-like, ground: buy good businesses at fair prices, where "good" is more or less defined by Donville's criteria. Don't bother with "cigar butts," but also don't buy KO or JNJ or whatever at 50x EPS. Wait for a fat pitch.

since you mentioned him, JD also used financials and cyclicals

do whatever works for you

in my ridiculously simplistic meeting presentation
i talked about how I form conviction

from
1 - did we we have success in an area like this before?
2 - how hard is it to evaluate information?
3 - how do I view declines?

again, simple, but every investor worth his or her salt has simple thoughts like this
I like 3 in particular - nothing so clear is how you feel about a position than when it falls on you

again, worth 2c
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