"Dear Real Investors, you don't buy companies who's share price has gone up and up and up. "
Gee, good thing I didn't hear that 6 years ago when Apple went from the 50's to 90. I might have missed out on that last $500 per share run up. And 4 years ago Chipotle was in the $50's, glad I didn't miss that last $350 per share uptick. While I am long ETP, keep in mind that a lot of "Value" stocks never achieve what their true intrinsic value is. A company is only worth what someone is willing to pay for it.
Agree with the reasons stated, but also add all of the MLPs that I have moved up tremendously since the begining of the year due to the fact that the tax advantage was not taken away with the "fiscal cliff". Now if we can get some increases in distribution we will see $50 pretty quick.