Yes, valuation is important to determine your ROI and make sure you don't overpay but if you found a very strong and high-growth company or if it ticks almost all the boxes in your checklist, it's better to own a stake in the company.

Letting go of an opportunity because of a slight disagreement with the valuation will cause you to miss out on a lot of opportunities. UNLESS of course, the valuation is SERIOUSLY CRAZY HIGH and MAKES NO SENSE to support their fundamentals and future potential.

You need to understand that high-quality companies, especially those supported by strong potential growth and led by visionary managements almost always look expensive. With the exception during market crashes which you will have to be either very lucky or very good at predicting the future.

Companies with a high-multiple will always be high for a long-time while delivering great returns. Do your best to understand the reason why the market consistently prices them so highly instead of brushing it off saying it's "overvalued".

That's why I have been advocating my students to research intensely and do a deep dive on a company. Once you understand the management's leadership skills, the business quality, future growth, financials, etc... then you look at the valuation and decide if it's worth paying up or not. Again, overvalued doesn't mean expensive and undervalued doesn't mean cheap.