You can't just follow some parts of his book/valuation methods...

You can't just follow some parts of his book/valuation methods and not others and then complain.

In my opinion, the most important part of his book is about Getting Out - selling based on future valuations.

Yes, you use his methods and buy at $4, $5, $6 as it was going up because its value was $9-10. But then you look out into the future and clearly your not going to continue to get 30-40% p.a in profit growth so you need to temper your future valuations (lower ROE or higher POR or both) and had you done so you would have seen MCE's IV stagnate (and even go down in 2012 and 2013 in the $8-9 range) and this would represent an opportunity to SELL.

Most people didn't sell, only looking at the BUY side of things without the SELL side. So people can't really rip into him if you only followed half his methodology.