This is very thoughtful and insightful. True, it is very difficult to value stocks properly given market theme usually rotates (eg, from growth centric to low multiples or vice versa). However the most important parameter to buy/sell stocks should be "earnings momentum" or "growth theme". Low multiples would be value trap if growth remains low. Of course I also fully agree on Mr Kim's trading idea say information based price targets which offer great timing to sell stocks.