[David Sklansky]

"Edit: And let me make it clear that I don't ignore the market price. I have to understand why something is so cheap and why I disagree with the market, just to be sure I've allowed for all known risks. If something is just mysteriously cheap, that's a red flag that I don't understand it properly. But I don't adjust my value estimates for it."

Yes you do. Your comment is an oxymoron. Unless your definition of "value" is something other than "the price where you have no edge whether you buy it or short it".

Meanwhile in spite of the hard time I have been giving you, and in spite of the fact that you are way more experienced and successful in the stock market than I am, would you be so kind as to tell this fellow Stephen that his posts are way off base.