So EVBigMacMeal here is a case worth considering: About 2015 my investing club, a long sustaining organization begun in 1954, bought AJG. It was growing 15% plus, 3,8% yield, at less than 15 imes eps. The price $36.

Was about 2 years later 2017-2018 the value guys got quite anxious, AJG pe had hit 22. The unison chant, " The stock is above the 15 times earning line thus we are borrowing from the future and the stock is a sell." The club sold at $80.

Today AJG goes for $225 or so.

The club did exactly the same thing with BRO some 25 years earlier. If we had kept BRO, which several of us did personally, it would have been well over a 100 bagger.

Those 'slightly over valued' moves can be costly...depending of course on whatever else you do with your net sales cash.

Berkshire Hathaway FAQ

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