Ann: Chairman's Address to Shareholders , page-15

I'm in the same (trying to resist selling) club. I've sold stocks so many times when it's reached my "valuation" only to never get a chance to get back in.

I think Timmee's way of looking at it is right, depending on your views on the company. In VOC's case I think it's a good company trading slightly expensive but with good growth prospects. Unlike a "cigar-butt" company I bought because it was cheap that's now come back to value.