My addition to the Third Option would be: if you know something's a good company, wait until a cyclical (but fundamentally extraneous to the company's business prospects) market downturn and buy it while everything is crashing.

This assumes that you can generally beat the market by buying stocks when you think there a market downturn and selling them when you think the market as a whole is high. This assumes that the efficient market hypothesis is wrong on a fundamental level.