When you overpay, there is zero margin for error.

The problem with investing without any margin for error is the absolute absence of safety.

This is risk-taking at a level that has limited risk-reward. Yet, most people like to take such risks?

There are investors who think they are specialists in such risk-taking.

But, the lack of margin of safety is always going to bite some day. When it bites, it can leave you injured for years. Yet, people do the same thing in every market cycle. Cycle after cycle, valuation indiscipline takes center stage, gets celebrated and then gets a cold shower.

Disciplined investing will also briefly get dunked when the entire universe of expensive stocks gets dumped under a tsunami of rising fear. But, there still is no better way to invest than being disciplined. When the fear goes away, disciplined investing will recover faster.

This is a market which will reward disciplined investing with a time lag. But, in that time lag, it is most important to ensure your portfolio regains its margin of safety on time. Else, it may be too late and years could be lost to regret and remorse.