Just finished reading the article - Going Nowhere by Vitaliy Katsenelson.

here are some bullets from my reading

your return from holding a stock comes mainly from three main sources:

01. Earnings growth

02. P/E expansion

03. Dividends

P/E going from low to fair gives you the reward .

this is a pretty important point - you need to invest in the stock that you can model.

May be you are interested in reading this article too...check it out