$Oracle(ORCL.US) Let's talk about Oracle. I did a valuation before, and at that time, even if it were delisted, it would still be worth 500 billion, corresponding to a stock price of 175. I opened a position around 165, and it still fell 20%. So there's no universal formula for investing. Even if you understand valuation, you could still drop 30% or even 50%! A good deal doesn't mean it won't fall. Graham and Munger back in the day were the same. As long as we don't use leverage, the only thing we can do is hold on tight!