Leading indicators of an economic contraction, page-320

I agree with this view @madamswer.

It is difficult as a long-term focused value investor to find meaningfully undervalued investment-grade companies in this environment though.

How do you think about it? How do you parse out how much of a security's rise is due to its own performance versus just multiple expansion due to the perceived cheapness of equities relative to bonds? Is patience the order of the day, or do you continue dollar-cost averaging into your best opportunities in this "lower for longer" macro backdrop?
(difficult questions I know, but ones worth pondering nonetheless!)