In this course, we have discussed how it is the case that many investors trade stocks in context of their expectations of demand and supply - price goes up if demand exceeds supply, and goes down if demand lags supply. So then, they the investors buy when they expect demand to lag supply with a plan to sell whenever they anticipate that demand will exceed supply.

In this course, on the other hand, we have focused on inferring the 'fair values' of stocks, have not attempted to study demand and supply.

(a) Why is it that attempts at estimation of the fair values of stocks is a more robust approach to investing in stocks than attempts at timing of demand and supply?

(b) How does the timing of the implementation of an investment decision factor into an approach to investing that focuses on estimations of the fair values of stocks?

Please help ASAP explain a and b

Don't answer by pen pepar