A few questions for you hardcore stock pickers...

A fundamental investment theory suggests that market prices are in equilibrium at any given moment. In practice though one assumes that markets are inefficient- the anamolies of arbitrage is clearly evident of this. In order to correct this inefficiency you take a position on the mispriced equity, hoping they would become efficient after x amount of duration.

So, my question to you is which equity valuation technique do you use before you decide to take the plunge?      

I am interested in serious evaluations/analysis. Please no cheerleading, or following the herd type of answers.

JB