Valuation of individual stocks matters. Valuation is not at the top of my priority list but it does matter and for some investors valuation is at the top of the list and that is valid. There are different measures of valuation and people who consider themselves to be bottom up value investors have their own idea about the best measures of value and they can all be valid; obviously no one relies on a valuation metric they believe to be worthless, they only rely on what they believe to be useful and if they stick with it there must be some success thus any metric can be of value. [More...]