https://seekingalpha.com/instablog/1677741-buyandhold-2012/5117110-valuations-matter
Summary
Of course valuations matter.
No stock is worth buying when it is significantly overpriced.
I will use Microsoft as an example of why valuations matter.
There has been some debate on Seeking Alpha as to whether or not valuations matter. Chuck Carnevale seems to think that they do matter. Chowder does not seem to place much importance on valuations.