Buying at the height of market isn’t so bad

[Kevin Blanchard]

I keep hearing how it is a terrible idea to buy at the height of the market. My premise is that if you are doing a buy/hold longterm then it shouldn't really matter if you are buying at the height. In some parts on California you could have gotten a house for $120k at the height of the market, then they went down significantly but but time the 90's and 00's rolled around these same properties are now worth over $1M. That is not a bad deal at all.

Convince me otherwise.