Fernace wrote: "Market valuation is not ALWAYS correct. Again, "Market Equilibrium" is a theoretical concept which is correct more often than not for MOST equties, but not ALWAYS."
This is right. Suppose a mineral driller unexpectedly hits many feet of rich gold ore. He visually inspects the core, and at the moment, he is the only person on earth that knows of the strike.
If at that moment the stock has been trading at $10, and when the strike is properly assessed it will be at $30, we can say that at the time the driller realizes what has been found the stock is not properly priced.
Old joke: two economists walking down a street. One believes in "perfect" pricing at all times, the other is an Austrian School economist who believes that the market is a constant discovery process and that perfect pricing is an illusion. They see a ten dollar bill on the street. They both pass by. The Austrian did not pick it up because he was curious what his associate would do.
Austrian: Did you see the $10 bill?
Other: Yes
Austrian: Why didn't you pick it up?
Other: if it had really been there someone else would already have picked it up.
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