But it does. Whenever anyone says Valuations does not matter, like back in 2000, or back when Nteflix was trading at 300 or Nvidia was at 18+ 2 yrs ago, everything comes tumbling down. In the end, valuation does matter.
See Warren Bufeet. The word's greatest investor. He invests in value/valuation, economic moats, ability to predict earnings, a growing business, and businesses which don't require imense capital expendictures.