Current market

If you buy “high valuation,” then you’re very likely to be following the market’s main theme; excellent industry fundamentals and sentiment may take you a long way—for example, positioning optical modules.
If you buy “low valuation,” then you may be able to bet on a value rebound—for example, last year’s Google; today’s Microsoft, Amazon, and META.
If you buy something priced fairly—not underpriced and not overpriced—then it means you’ve bought the “fairly priced + stuck for the long haul” combination—for example, Tencent and Moutai.