Its competitiveness, in our country. There is a major emphasis on reading between the lines. Any analysis of numbers can not be better than the numbers themselves. If quality of numbers itself is suspect, the analyst needs to probe a lot more. A detailed commentary on financial analysis is covered in our School module.
Every stock is cheap at a price and dear at a price'.
Nothing in the world can quote at an infinite price, it is always possible that others are willing to outbid you for your most beloved stock. It is better then to wait or pass. On the other hand, you will find multi-baggers in the down trodden stocks. Valuation is a skilled job and nobody can be always right. As share price is an outcome of constantly changing perceptions of million of investors, it is a game of probabilities.