For the last 5 years I have never disputed that CSL is a quality...

For the last 5 years I have never disputed that CSL is a quality company.

So yes I would like to own some shares in it.

But price is what you pay, value is what you receive.

For the last 5 years, the value doesn't justify the price. But over that 5yrs the earnings have been growing, whilst the PE has been declining.

There will come a time when the two match.

CSL is very unlikely to become a 'strictly value stock', but my attention is on GARP, growth at a reasonable price.

I also don't want to factor AUD/USD into the calculation, this is short term thinking. Currencies move around.

So in conclusion, yes I am watching, as I have for the past 5yrs, but I am not ready to strike yet.