Fair value is a great concept, and supported by people like Ben...

Fair value is a great concept, and supported by people like Ben Graham, inspiration to Warren Buffett et al. Roger Montgomery makes a good case for it too. The challenge is to agree on a basis to calculate it, and to get input data to plug into the equations, normally closely held information. My suggestion is to adopt a source of data, follow a consistent method yourself and accept that the outcome is a guide not a precise figure to within say 10%.

There are other criteria besides buying below fair value, but I suggest you document your method, hold yourself accountable to it, and allow that in medium term market can move against you 3 years out of 5 but over a lifetime you should do better than most technical analysts.

Not to deny a place for TA but it is not for me.