This is a subjective topic, because there is also a valid argument why it should be higher.
Mispriced assets will mostly be found where there is a problem about the company or its management, where everything seems it could not get any worse and the expectations are on its lowest point. It is highly unlikely you would find a great bargain where the Company or the managements are doing great, but it is still possible especially if it is technical ones (ex: lawsuit, delisting or "Special Situations" as we have talked about previously).
Whether it would be different this time or not is not the most important question but rather whether the current price is justifiable.
Howard Marks best described this:
This means that even a company with the worst management has a price where it is attractive.
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