I was reading Marty Whitman's 3rd qtr report yesterday. He didn't think PKX was overvalued at the time of the writing. It looks like it was about $100 then. (end of Oct)
Reading between the lines of what WB has said, I think he would agree that if you are in it for the L-T, that you will do ok buying around 100.
It's always painful to see a stock drop a bunch after you buy it no matter what you think it's worth, but clearly it doesn't hurt as much if you felt you got a better bargain than a lesser one.
We humans are funny. Even though it will probably trade for $200 in the next 4 to 7 years , we make a big deal about paying 90, 100 or 110. In reality the difference between those 3 options pales in comparison to holding cash for the next 5 years. I guess it comes down to how certain one is, that we won't have a global economic meltdown, and the company will continue to prosper and trade to 200 later this decade.