Value investors don't time the market, though it can seem like timing. To the extent to which one can assess a personal 'intrinsic value' to a company, one can

Value investors don't time the market, though it can seem like timing. To the extent to which one can assess a personal 'intrinsic value' to a company, one can buy when it is substantially undervalued and sell when it is substantially overvalued. One can see this in Berkshire's cash hoard. Expect to see it deployed in the year to come, when valuations may become more in-line with historical norms.