What is value investing during earnings season? Q1 2024 saw earnings beats in consumer staples outperforming market estimates by 6–8%. Investors are adjusting portfolios toward companies holding pricing power without excessive leverage. Daktronics, Inc. (DAKT) : Free Stock Analysis Report In my view, it’s essentially impossible to reasonably reach the degree of certainty needed to implement INVESTCON 3, 2, or 1. Because “overvaluation” is never synonymous with “sure to go down soon,” it’s rarely wise to go to those extremes. I know I never have. But I have no problem thinking it’s time for INVESTCON 5. And if you lighten up on things that appear historically expensive and switch into things that appear safer, there may be relatively little to lose from the market continuing to grind higher for a while . . . or anyway not enough to lose sleep over. What is value investing when cash is king? Companies with net cash positions and steady free cash flow margins above 15% are trading at valuations 20–30% below historical averages, offering balance sheet safety.