Does value investing mean you never buy fairly valued stocks?

Hi,

So I'm a beginner investor but I read Graham's book and was quickly convinced value investing was the way to go.

I'm only 30 and plan to invest for at least 10-20 years.

I also subscribe to Morningstar and follow their analyses, which has mostly been a succes for me personally.

Now, here's the question: I invested in a few stocks when they were undervalued and they now have gone up. They are now fairly valued (again, according to Morningstar) which means that – in theory, they're not worth it anymore as a value investor.

At the same time, I believe these companies will do well in the coming decades and still want to expand my exposure to them.

So what should I do?

Do you wait for a pull back to buy at a great price or do you buy now even if it's technically not “on sale”?

Thanks!