There's more to great investing than finding a low price...
I'm not a growth investor by any means, so it's difficult for me to ever concede that paying a high price for a stock is a good idea. However, as I detailed in a recent article on Fool.com, valuation can often lead you astray -- or at the very least have you ignoring some of the best investment opportunities.
While Intuitive Surgical (Nasdaq: ISRG) and it's sky high valuation over the preceding years may never be the kind of stock that I go after, it's good to remember that you can pay up on valuation (in P/E terms I'd consider that really anything north of 15), and still be very handsomely rewarded. At the same time, dumpster diving for the lowest valuations can leave you with a portfolio stuffed with stocks that really deserved their stinky spot in that dumpster.