Let's assume as an investor you can accurately calculate fair value of a stock. How big a discount should you wait for before buying?
Value is a personal opinion. How would you calculate the fair value of a horse and buggy business before and after introduction of the automobile? What is the fair value of a farm in North Africa before and after the place turned to Sahara Desert? I suspect it may be easier for a business owner to purchase a publicly traded company during a bear market. It's just easier to buy lots of shares without bidding the stock price up during a bear market.