We're of two minds about Marriott Vacations Worldwide Corp. (NYSE:VAC). On the one hand, the company continues to make a very high operating yield after tax, which we consider a near sure sign of long term value creation. On the other hand, the positive returns are obviously no secret as this company trades at a significant premium to the overall market. In this piece, we'll attempt to work out a "what to do" strategy with this name well run but expensive company. For those who can't stand the suspense, our recommendation is to wait for the shares to fall materially from here. Given that this bull market is relatively long in the tooth, such a drop isn't impossible. We'd suggest that patience is part of the essence of sound investing and we believe investors who rush in at current prices will regret the move in three to five years. We'll outline our logic below by engaging in two levels of analysis. We'll look under the hood at the financials provided by the company. We'll then look at the assumptions embedded in the current price of the stock to determine whether they make any kind of sense. Read more