[DesertCat]

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What some arguing against David are missing, however, is the following. If Stock X is trading at $50 and you estimate its "value" to be $70. But say, your threshold for buying is such that you'd only buy X if it traded at $45. Then it's entirely disingenuous to say that you think X is worth $70, because by your own action, you'd rather have $50 than a share of X. Clearly it's not worth $70 to yourself.

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No you are saying you think it offers market returns if purchased at $70. You don't buy it at $50 because you want higher returns than even $50 offers. You feel at $45 it offers such a high enough potential return and a large enough margin of safety.

The key to successful investing is having the patience to wait for situations that offer higher returns with less risk. If you lower your standards to the market's, you can't expect to do any better than it.