Johnson & Johnson (NYSE:JNJ) is approaching value territory, but I am not waiting. Given my investment horizon, I don't try to catch the last 5% downside or time things within a quarter. I am just not that good - at least I know it. If I had a dime for each time someone said I will buy when the stock is down another $2, $5 or <pick a number> (the goal post always moves down with the stock anyway) and lost out, I could have probably owned JNJ outright.
I prefer to get things directionally correct rather than quibble over the last few percentage points. I can afford to do this, because I tend to stick to buying quality businesses that I don't mind adding to as they go down. Over the years, J&J has become one of my largest core holdings (I have ~30 companies that make up ~50-60% of my portfolio that I seldom sell and mostly add to over time). What I lose in timing, I make up over time in dividends and stock appreciation (not to mention taxes and transaction costs). Few other companies are as forgiving of my inability to time purchases as JNJ.
