For me, the key is quality + growth + valuation, not just the share price. A stock can look expensive and still outperform if earnings continue to beat expectations, while a “cheap” stock can remain cheap for years if the fundamentals keep deteriorating.
That said, I wouldn’t blindly chase momentum. I’d prefer to build positions gradually on pullbacks and hold for the medium to long term. In my view, buying a great business at a reasonable price beats buying a bad business at a cheap price.
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