10 Best Ben Graham Heatmap Picks for December 2025
Welcome to the Value Sense Blog, your resource for insights on the stock market! At Value Sense, we focus on intrinsic value tools and offer stock ideas with undervalued companies. Dive into our research products and learn more about our unique approach at valuesense.io
Explore diverse stock ideas covering technology, healthcare, and commodities sectors. Our insights are crafted to help investors spot opportunities in undervalued growth stocks, enhancing potential returns. Visit us to see evaluations and in-depth market research.
Market Overview & Selection Criteria
The current market environment presents compelling opportunities across technology, healthcare, and semiconductor sectors. Our selection methodology focuses on companies demonstrating strong fundamentals, exceptional cash flow generation, and sustainable competitive advantages. Each stock in this watchlist has been evaluated using ValueSense's intrinsic value analysis framework, examining key metrics including return on invested capital (ROIC), free cash flow margins, revenue growth trajectories, and debt-to-equity ratios.
The featured stocks represent a diversified portfolio spanning artificial intelligence infrastructure, pharmaceutical innovation, enterprise software, and semiconductor manufacturing. These companies have demonstrated resilience and growth potential, with many trading at valuations that present meaningful opportunities for value-conscious investors. Our analysis prioritizes companies with high-quality ratings (6.0+), strong cash generation, and sustainable business models that can weather market volatility while delivering long-term value creation.
Featured Stock Analysis
Stock #1: NVIDIA Corporation (NVDA)
| Metric | Value |
|---|---|
| Market Cap | $4,301.9B |
| Quality Rating | 8.2 |
| Intrinsic Value | $76.7 |
| 1Y Return | 28.0% |
| Revenue | $187.1B |
| Free Cash Flow | $77.3B |
| Revenue Growth | 65.2% |
| FCF margin | 41.3% |
| Gross margin | 70.1% |
| ROIC | 161.5% |
| Total Debt to Equity | 9.1% |
Investment Thesis
NVIDIA stands as a cornerstone holding in any technology-focused portfolio, commanding a market capitalization of $4.3 trillion while maintaining exceptional operational metrics. The company's quality rating of 8.2 reflects its dominant position in AI infrastructure, data center solutions, and GPU technology. With revenue reaching $187.1 billion and demonstrating extraordinary 65.2% revenue growth, NVIDIA has positioned itself at the epicenter of the artificial intelligence revolution.
The company's financial strength is particularly evident in its free cash flow generation of $77.3 billion with a remarkable 41.3% FCF margin. This cash generation capability enables continuous innovation and shareholder returns while maintaining a fortress balance sheet with only 9.1% debt-to-equity ratio. NVIDIA's gross margin of 70.1% and ROIC of 161.5% underscore the company's pricing power and capital efficiency—metrics that few companies globally can match.
Key Catalysts
- Continued AI infrastructure buildout and data center expansion
- Enterprise adoption of NVIDIA's AI platforms and software
- Expansion into automotive and edge computing markets
- Potential new product launches and architectural innovations
- Growing demand for GPU computing across cloud providers
Risk Factors
- Valuation premium relative to historical averages
- Competitive pressures from AMD and custom silicon solutions
- Geopolitical restrictions on semiconductor exports
- Cyclical nature of semiconductor demand
- Supply chain dependencies for advanced manufacturing
Stock #2: Broadcom Inc. (AVGO)
| Metric | Value |
|---|---|
| Market Cap | $1,887.3B |
| Quality Rating | 8.3 |
| Intrinsic Value | $116.1 |
| 1Y Return | 148.6% |
| Revenue | $59.9B |
| Free Cash Flow | $24.9B |
| Revenue Growth | 28.0% |
| FCF margin | 41.6% |
| Gross margin | 66.8% |
| ROIC | 15.1% |
| Total Debt to Equity | 87.7% |
Investment Thesis
Broadcom represents a high-quality semiconductor and infrastructure software company with a market cap of $1.9 trillion and an impressive quality rating of 8.3. The company has delivered exceptional returns, with a 1-year performance of 148.6%, reflecting strong execution and market recognition of its strategic positioning. Broadcom's revenue of $59.9 billion with 28.0% growth demonstrates its ability to capitalize on secular trends in connectivity, data center infrastructure, and 5G deployment.
The company's financial profile reveals disciplined capital allocation, with $24.9 billion in free cash flow and a 41.6% FCF margin—among the highest in the semiconductor industry. Broadcom's gross margin of 66.8% and ROIC of 15.1% indicate strong competitive positioning and efficient capital deployment. While the debt-to-equity ratio of 87.7% is elevated, the company's substantial cash generation provides ample capacity to service obligations while investing in growth initiatives.
Key Catalysts
- Accelerating 5G infrastructure deployment globally
- Data center expansion and AI-related connectivity solutions
- Broadband and wireless infrastructure upgrades
- Potential strategic acquisitions in complementary markets
- Increased content per device in networking applications
Risk Factors
- Elevated leverage relative to semiconductor peers
- Cyclical exposure to infrastructure spending patterns
- Competitive intensity in semiconductor markets
- Geopolitical trade tensions affecting supply chains
- Customer concentration risks with major cloud providers
Stock #3: Eli Lilly and Company (LLY)
| Metric | Value |
|---|---|
| Market Cap | $966.5B |
| Quality Rating | 7.7 |
| Intrinsic Value | $247.6 |
| 1Y Return | 35.5% |
| Revenue | $59.4B |
| Free Cash Flow | $9,020.7M |
| Revenue Growth | 45.4% |
| FCF margin | 15.2% |
| Gross margin | 83.0% |
| ROIC | 36.0% |
| Total Debt to Equity | 178.2% |
Investment Thesis
Eli Lilly has emerged as a pharmaceutical powerhouse with a market capitalization of $966.5 billion and a quality rating of 7.7, reflecting its strong competitive position in innovative drug development. The company's 1-year return of 35.5% demonstrates investor confidence in its pipeline and commercial execution. With revenue of $59.4 billion and impressive 45.4% revenue growth, Lilly is capitalizing on blockbuster drugs and expanding market opportunities in diabetes, oncology, and immunology.
The company's gross margin of 83.0% exemplifies the pricing power and profitability potential of innovative pharmaceutical companies. Free cash flow of $9.0 billion with a 15.2% FCF margin provides substantial resources for R&D investment and shareholder returns. Lilly's ROIC of 36.0% demonstrates exceptional capital efficiency in converting investments into returns. While the debt-to-equity ratio of 178.2% is elevated, the company's stable cash flows and market position support this capital structure.
Key Catalysts
- Continued expansion of GLP-1 receptor agonist franchise
- Oncology pipeline advancement and approvals
- International market penetration and geographic expansion
- Potential new indications for existing blockbuster drugs
- Biosimilar and next-generation product launches
Risk Factors
- Patent expiration risks on key revenue drivers
- Regulatory and pricing pressures in major markets
- Clinical trial failures or safety concerns
- Competitive biosimilar and generic competition
- Healthcare policy changes affecting drug pricing
Stock #4: Micron Technology, Inc. (MU)
| Metric | Value |
|---|---|
| Market Cap | $264.2B |
| Quality Rating | 8.3 |
| Intrinsic Value | $375.2 |
| 1Y Return | 141.8% |
| Revenue | $37.4B |
| Free Cash Flow | $8,929.0M |
| Revenue Growth | 48.9% |
| FCF margin | 23.9% |
| Gross margin | 39.8% |
| ROIC | 15.9% |
| Total Debt to Equity | 27.2% |
Investment Thesis
Micron Technology represents a compelling semiconductor play with a market cap of $264.2 billion and a quality rating of 8.3, matching Broadcom's quality assessment. The company has delivered exceptional 1-year returns of 141.8%, reflecting strong execution in memory chip manufacturing and market share gains. With revenue of $37.4 billion and robust 48.9% revenue growth, Micron is benefiting from AI infrastructure buildout and data center expansion driving demand for advanced memory solutions.
Micron's financial metrics demonstrate operational excellence, with free cash flow of $8.9 billion and a 23.9% FCF margin. The company's gross margin of 39.8% is lower than fabless competitors but reflects the capital-intensive nature of memory manufacturing. Notably, Micron maintains a conservative debt-to-equity ratio of 27.2%, providing financial flexibility for capacity investments. The company's ROIC of 15.9% indicates efficient capital deployment in a cyclical industry.
Key Catalysts
- Sustained AI and data center memory demand
- Advanced node technology transitions and yield improvements
- Potential supply constraints supporting pricing
- Expansion of high-bandwidth memory (HBM) production
- Automotive and edge computing memory adoption
Risk Factors
- Cyclical nature of semiconductor memory markets
- Significant capital expenditure requirements
- Competitive pricing pressures from Samsung and SK Hynix
- Geopolitical risks affecting manufacturing and supply
- Technology transition execution risks
Stock #5: Oracle Corporation (ORCL)
| Metric | Value |
|---|---|
| Market Cap | $569.2B |
| Quality Rating | 6.2 |
| Intrinsic Value | $176.1 |
| 1Y Return | 9.5% |
| Revenue | $59.0B |
| Free Cash Flow | ($5,880.0M) |
| Revenue Growth | 9.7% |
| FCF margin | (10.0%) |
| Gross margin | 77.2% |
| ROIC | 13.7% |
| Total Debt to Equity | 427.3% |
Investment Thesis
Oracle represents an established enterprise software leader with a market cap of $569.2 billion and a quality rating of 6.2. The company's 1-year return of 9.5% reflects steady performance in a competitive software landscape. With revenue of $59.0 billion and 9.7% growth, Oracle is transitioning toward cloud infrastructure and database solutions, positioning itself to benefit from enterprise digital transformation initiatives.
Oracle's gross margin of 77.2% demonstrates strong pricing power in enterprise software markets. However, the company's free cash flow of negative $5.9 billion and FCF margin of -10.0% warrant careful consideration, suggesting significant capital investments in cloud infrastructure and technology development. The elevated debt-to-equity ratio of 427.3% reflects the company's substantial debt load, which requires monitoring. Oracle's ROIC of 13.7% indicates moderate capital efficiency relative to pure software peers.
Key Catalysts
- Cloud infrastructure adoption and market share gains
- Database and enterprise software license renewals
- Autonomous database technology adoption
- Potential strategic acquisitions in cloud services
- International expansion and emerging market penetration
Risk Factors
- Negative free cash flow and capital intensity concerns
- Intense competition from cloud providers (AWS, Azure, Google Cloud)
- Legacy business revenue pressure and transition risks
- High debt levels limiting financial flexibility
- Execution risks on cloud strategy transformation
Stock #6: Cisco Systems, Inc. (CSCO)
| Metric | Value |
|---|---|
| Market Cap | $303.4B |
| Quality Rating | 6.6 |
| Intrinsic Value | $81.9 |
| 1Y Return | 30.8% |
| Revenue | $57.7B |
| Free Cash Flow | $13.1B |
| Revenue Growth | 8.9% |
| FCF margin | 22.6% |
| Gross margin | 65.0% |
| ROIC | 13.7% |
| Total Debt to Equity | 59.9% |
Investment Thesis
Cisco Systems maintains a strong market position with a market cap of $303.4 billion and a quality rating of 6.6. The company's 1-year return of 30.8% reflects investor appreciation for its networking and cybersecurity portfolio. With revenue of $57.7 billion and 8.9% growth, Cisco is benefiting from enterprise digital transformation, hybrid work infrastructure, and cybersecurity spending trends.
Cisco's financial profile demonstrates solid operational performance, with free cash flow of $13.1 billion and a 22.6% FCF margin. The company's gross margin of 65.0% reflects its position in competitive networking markets. With a debt-to-equity ratio of 59.9% and ROIC of 13.7%, Cisco maintains a balanced capital structure while generating consistent returns. The company's established market position and recurring revenue streams provide stability.
Key Catalysts
- Cybersecurity market expansion and threat landscape evolution
- Enterprise networking infrastructure upgrades
- Software-defined networking and cloud adoption
- Potential strategic acquisitions in security
- International market expansion opportunities
Risk Factors
- Moderate revenue growth relative to technology peers
- Competitive pressures from specialized security vendors
- Transition from hardware to software-centric business model
- Customer concentration in enterprise segment
- Cyclical enterprise IT spending patterns
Most investors waste time on the wrong metrics. We've spent 10,000+ hours perfecting our value investing engine to find what actually matters.
Want to see what we'll uncover next - before everyone else does?
Find Hidden Gems First!
Stock #7: Eli Lilly and Company (LLY) - Healthcare Sector Strength
Investment Thesis
Merck & Co. represents a diversified pharmaceutical company with a market cap of $261.2 billion and a quality rating of 7.1. The company's 1-year return of 4.0% reflects a more conservative valuation relative to growth-oriented peers, potentially offering value opportunities. With revenue of $64.2 billion and modest 1.7% growth, Merck is focused on operational efficiency and cash generation rather than aggressive expansion.
Merck's exceptional gross margin of 82.8% and ROIC of 30.1% demonstrate the company's ability to generate substantial returns from its pharmaceutical portfolio. Free cash flow of $13.0 billion with a 20.3% FCF margin provides ample resources for R&D investment and dividend payments. The debt-to-equity ratio of 79.8% is moderate for the pharmaceutical sector, reflecting a balanced approach to capital allocation.
Key Catalysts
- Oncology pipeline advancement and clinical trial results
- Immunotherapy market expansion opportunities
- Vaccine portfolio growth and market penetration
- Potential strategic partnerships or acquisitions
- Emerging market expansion in infectious diseases
Risk Factors
- Slower revenue growth relative to industry peers
- Patent expiration risks on key products
- Regulatory and pricing pressures in major markets
- Clinical trial execution and approval uncertainties
- Competitive biosimilar and generic competition
Stock #8: International Business Machines Corporation (IBM)
| Metric | Value |
|---|---|
| Market Cap | $287.1B |
| Quality Rating | 6.6 |
| Intrinsic Value | $194.1 |
| 1Y Return | 36.6% |
| Revenue | $65.4B |
| Free Cash Flow | $13.0B |
| Revenue Growth | 4.5% |
| FCF margin | 19.9% |
| Gross margin | 58.2% |
| ROIC | 9.6% |
| Total Debt to Equity | 237.8% |
Investment Thesis
IBM represents a diversified technology and services company with a market cap of $287.1 billion and a quality rating of 6.6. The company's impressive 1-year return of 36.6% reflects investor optimism regarding its hybrid cloud and AI strategy. With revenue of $65.4 billion and 4.5% growth, IBM is transitioning toward higher-margin software and services businesses while managing legacy infrastructure services.
IBM's gross margin of 58.2% reflects its mixed portfolio of hardware, software, and services. Free cash flow of $13.0 billion with a 19.9% FCF margin demonstrates solid cash generation capabilities. However, the elevated debt-to-equity ratio of 237.8% warrants attention, reflecting the company's substantial debt load from historical acquisitions. IBM's ROIC of 9.6% is modest relative to pure software peers, reflecting the company's transition phase.
Key Catalysts
- Hybrid cloud adoption and Red Hat integration benefits
- AI and quantum computing commercialization
- Enterprise software and services expansion
- Potential divestitures of legacy businesses
- International market penetration in emerging regions
Risk Factors
- Slow organic revenue growth in core business
- High debt levels limiting financial flexibility
- Competitive pressures from cloud-native providers
- Legacy business revenue decline acceleration
- Execution risks on strategic transformation
Stock #9: AbbVie Inc. (ABBV)
| Metric | Value |
|---|---|
| Market Cap | $401.8B |
| Quality Rating | 6.5 |
| Intrinsic Value | $289.0 |
| 1Y Return | 25.6% |
| Revenue | $59.6B |
| Free Cash Flow | $20.6B |
| Revenue Growth | 7.4% |
| FCF margin | 34.5% |
| Gross margin | 76.2% |
| ROIC | 12.0% |
| Total Debt to Equity | (2,645.0%) |
Investment Thesis
AbbVie represents a diversified pharmaceutical and healthcare company with a market cap of $401.8 billion and a quality rating of 6.5. The company's 1-year return of 25.6% reflects investor confidence in its pharmaceutical portfolio and dividend strategy. With revenue of $59.6 billion and 7.4% growth, AbbVie is focused on maintaining market share in key therapeutic areas while managing patent expiration challenges.
AbbVie's gross margin of 76.2% demonstrates strong pricing power in pharmaceutical markets. Free cash flow of $20.6 billion with a 34.5% FCF margin provides substantial resources for shareholder returns and R&D investment. The company's unusual debt-to-equity ratio of -2,645.0% reflects significant negative equity, likely due to substantial share repurchases and dividend payments. AbbVie's ROIC of 12.0% indicates moderate capital efficiency.
Key Catalysts
- Immunology and oncology pipeline advancement
- Aesthetics and specialty care market expansion
- International market growth opportunities
- Potential strategic acquisitions or partnerships
- Dividend sustainability and shareholder returns
Risk Factors
- Patent expiration on key revenue drivers
- Negative equity structure and capital allocation concerns
- Regulatory and pricing pressures in major markets
- Clinical trial execution and approval uncertainties
- Competitive generic and biosimilar competition
Stock #10: Novartis AG (NVS)
| Metric | Value |
|---|---|
| Market Cap | $250.6B |
| Quality Rating | 6.1 |
| Intrinsic Value | $139.9 |
| 1Y Return | 23.3% |
| Revenue | $55.5B |
| Free Cash Flow | $11.3B |
| Revenue Growth | 12.5% |
| FCF margin | 20.4% |
| Gross margin | 37.2% |
| ROIC | 19.1% |
| Total Debt to Equity | 71.6% |
Investment Thesis
Novartis represents a global pharmaceutical leader with a market cap of $250.6 billion and a quality rating of 6.1. The company's 1-year return of 23.3% reflects investor appreciation for its diversified portfolio and strategic focus. With revenue of $55.5 billion and 12.5% growth, Novartis is benefiting from innovative drug launches and geographic expansion in emerging markets.
Novartis's gross margin of 37.2% is lower than pure pharmaceutical peers, reflecting its diversified business model including generics and biosimilars. Free cash flow of $11.3 billion with a 20.4% FCF margin demonstrates solid cash generation. The debt-to-equity ratio of 71.6% is moderate for the pharmaceutical sector. Novartis's ROIC of 19.1% indicates reasonable capital efficiency in converting investments into returns.
Key Catalysts
- Oncology and immunology pipeline advancement
- Gene therapy and cell therapy commercialization
- Emerging market expansion and penetration
- Potential strategic acquisitions in specialty therapeutics
- Digital health and personalized medicine initiatives
Risk Factors
- Patent expiration risks on key products
- Regulatory and pricing pressures in major markets
- Clinical trial execution and approval uncertainties
- Competitive biosimilar and generic competition
- Integration risks from strategic acquisitions
Portfolio Diversification Insights
This curated watchlist provides meaningful diversification across three primary sectors: technology infrastructure (NVDA, AVGO, MU, CSCO), enterprise software (ORCL, IBM), and pharmaceuticals (LLY, ABBV, MRK, NVS). The technology sector represents approximately 60% of the portfolio by market capitalization, reflecting the secular growth trends in artificial intelligence, data center infrastructure, and semiconductor manufacturing. The pharmaceutical sector comprises approximately 40%, providing exposure to healthcare innovation, demographic trends, and recurring revenue streams.
Within the technology allocation, the portfolio balances pure-play semiconductor exposure (NVDA, AVGO, MU) with infrastructure software (ORCL, IBM) and networking solutions (CSCO). This structure captures both the cyclical upside of semiconductor demand and the more stable recurring revenue of enterprise software. The pharmaceutical allocation spans innovative drug development (LLY, NVS) and established diversified players (ABBV, MRK), providing exposure to both growth and value characteristics.
Quality ratings across the portfolio range from 6.1 to 8.3, with an average of approximately 7.2, indicating a collection of fundamentally sound businesses. The portfolio demonstrates strong free cash flow generation, with combined FCF exceeding $200 billion annually (excluding Oracle's negative FCF), providing confidence in dividend sustainability and capital allocation flexibility. Debt-to-equity ratios vary significantly, with technology companies generally maintaining more conservative leverage than pharmaceutical peers, reflecting industry norms and business model characteristics.
Market Timing & Entry Strategies
Dollar-cost averaging represents a prudent approach for building positions in this watchlist, particularly given current market valuations and macroeconomic uncertainties. Rather than deploying capital in a single transaction, investors might consider establishing positions over 3-6 months, allowing for portfolio construction at varying price points. This strategy reduces timing risk and provides psychological comfort during market volatility.
For technology-focused positions (NVDA, AVGO, MU), consider initiating positions during market pullbacks or sector-specific corrections. These companies have demonstrated strong long-term growth trajectories but experience periodic volatility. Setting limit orders 5-10% below current prices can provide attractive entry points without requiring constant market monitoring.
Pharmaceutical positions (LLY, ABBV, MRK, NVS) may be approached with longer-term accumulation strategies, as these companies typically exhibit lower volatility and more predictable cash flows. Clinical trial announcements or regulatory decisions can create temporary dislocations, presenting opportunities for disciplined investors.
Enterprise software positions (ORCL, IBM) warrant careful consideration of quarterly earnings results and cloud adoption metrics. These companies are in transition phases, and entry points should align with positive inflection points in cloud revenue growth or margin expansion.
Consider the intrinsic value assessments provided by ValueSense for each holding. When market prices diverge significantly from calculated intrinsic values, these represent potential entry or exit signals. The platform's analysis can help identify when valuations offer meaningful margin of safety for new positions.
Explore More Investment Opportunities
For investors seeking undervalued companies with high fundamental quality, our analytics team provides curated stock lists:
📌 50 Undervalued Stocks (Best overall value plays for 2025)
📌 50 Undervalued Dividend Stocks (For income-focused investors)
📌 50 Undervalued Growth Stocks (High-growth potential with strong fundamentals)
🔍 Check out these stocks on the Value Sense platform for free!
More Articles You Might Like
- How VKTX (Viking Therapeutics) Makes Money in 2025: A Deep-Dive With Income Statement
- How NET (Cloudflare) Makes Money in 2025: A Deep-Dive With Income Statement
- How MASS (908 Devices) Makes Money in 2025: A Deep-Dive With Income Statement
- How CRVO (CervoMed) Makes Money in 2025: A Deep-Dive With Income Statement
- How GILD (Gilead Sciences) Makes Money in 2025: A Deep-Dive With Income Statement
FAQ Section
Q1: How were these stocks selected for this watchlist?
These stocks were selected using ValueSense's comprehensive fundamental analysis framework, evaluating companies across multiple dimensions including quality ratings, free cash flow generation, revenue growth, return on invested capital, and debt management. The selection prioritizes companies with quality ratings of 6.0 or higher, demonstrating sustainable competitive advantages and strong financial health. The portfolio spans technology, healthcare, and semiconductor sectors to provide meaningful diversification while maintaining focus on high-quality businesses.
Q2: What's the best stock from this list for long-term investors?
NVIDIA (NVDA) and Broadcom (AVGO) represent the highest-quality holdings with ratings of 8.2 and 8.3 respectively, combined with exceptional cash flow generation and strong competitive positioning in artificial intelligence infrastructure. For pharmaceutical exposure, Eli Lilly (LLY) with a 7.7 quality rating demonstrates strong revenue growth and pipeline potential. The "best" stock depends on individual risk tolerance, investment timeline, and sector preferences—long-term investors should focus on quality ratings and cash flow sustainability rather than recent price performance.
Q3: Should I buy all these stocks or focus on a subset?
Portfolio construction depends on individual circumstances, risk tolerance, and investment objectives. A diversified approach incorporating positions across technology, healthcare, and semiconductors provides sector balance and reduces concentration risk. Conservative investors might focus on higher-quality holdings (NVDA, AVGO, MU, LLY) with ratings above 8.0. Growth-oriented investors might emphasize technology positions, while income-focused investors might prioritize pharmaceutical companies with established dividend histories. Consider starting with 3-5 core positions and expanding over time.
Q4: What are the biggest risks with these picks?
Technology stocks face cyclical demand risks, geopolitical trade tensions, and competitive pressures from emerging competitors. Semiconductor companies require substantial capital investments and face execution risks on technology transitions. Pharmaceutical companies face patent expiration risks, regulatory pricing pressures, and clinical trial uncertainties. Oracle and IBM carry elevated debt levels requiring monitoring. Diversification across sectors and quality ratings helps mitigate individual company risks, but investors should remain vigilant regarding macroeconomic conditions, interest rate changes, and sector-specific developments.
Q5: When is the best time to invest in these stocks?
Market timing is notoriously difficult, making dollar-cost averaging a prudent strategy for most investors. Consider initiating positions during market corrections or sector-specific pullbacks when valuations offer greater margin of safety. Monitor ValueSense's intrinsic value assessments—when market prices trade significantly below calculated intrinsic values, these represent attractive entry points. Quarterly earnings announcements, clinical trial results (for pharmaceuticals), and technology product launches can create temporary dislocations. Patient investors who accumulate positions over 3-6 months typically achieve better average entry prices than those attempting to time single transactions.