Markets and Makers
The players mentioned seem not to distinguish between an efficient and an inefficient market.
My principle courses on asset evaluation mentioned Aristotle as authoring the first case analysis of value. There have been many attempts to define value but the schoolboy stuff generally suggest value is derived from timely information in an open market. An open market is one without barriers to trade where knowledgeable sellers and buyers act without duress. The culmination of such theories is to be found in the seminal and venerable 'Security Analysis' by Benjamin Graham and David Dodd. 'Security Analysis' is perhaps more widely known because Warren Buffet of the Berkshire Hathaway Fund touted it. The underlying philosophy was one of rolling up your sleeves and digging deep into the affairs of a company to find value. As of the 70's the authors of 'Security Analysis' suggested their methods were antiquated in the face of the theory of the Efficient Market Hypothesis which holds that markets are information efficient.
Generally neither the ideas behind 'Security Analysis' or the Efficient Market Hypothesis hold for selling one off security flaws. All bets are off when trying to determine value where there are barriers to trade and information. Reputation and who you know become crucial. Working in such a market and wishing it like to one more efficient is whimsical.