In this episode, Robert unpacks one of the biggest blind spots in investing: why the best-performing stocks almost never look cheap on the way up. He explores how valuation misconceptions cost investors life-changing gains and why it might be happening again right now. He also shares how he’s positioning after a major reversal in market sentiment, answers some hate mail from the front lines, and breaks down what Moody’s U.S. debt downgrade really signals for investors.