[Swizec]

The other problem with not taking undervalued work is that your runway is not infinite, while the market's is. So you might just run out of money before you land that client you're holding out for.

And when the end of runway is approaching, you will become desperate, and you will take on a terrible project. Then it will take a really long time before you build up your runway again to the point where you can hold out for better projects.

Basically, hold out, but don't wait too long.