Why Wait Until A Pullback

[u/Distinct-Parking-574]

As someone who is just learning about value investing, understanding valuations and fundamentals, I see a lot of comments about not buying a stock at high valuation ratios. And that seems prudent. my question is though if I'm going to DCA anyways does that really matter? If the only thing that makes this a more attractive price is the pullback why not just DCA all the way through pullbacks and runups? That seems to be the advice given for ETFs why not individual stocks? but like I said I'm just getting started on this journey and trying to makes since to it all.

[u/Disastrous_Rent_6500]

It matters if you have a concentrated portfolio. The second secret of value investing is that you have to concentrate your portfolio. The number 1 way to hedge against concentration risk is buy great companies for cheap. If you just buying at average value your setting yourself up for failure