Re: That's what makes horse-racing
There are those who think the market is always right. They just may, in the long run*, be correct but many of us will not live that long. One only needs to look at the day-to-day fluctuations to know that on a shorter time frame, valuations may be wrong. Sometimes, the net asset value of an issue is greater than the price. We call that a bargain, and those with patience and perspicacity often benefit.
I think you've got that exactly backwards. The market is always right, but only in the immediate term. The current market price cannot be more or less than the aggregation of current valuation by potential stakeholders at the given point in time.
Calling any of those individual valuations right or wrong presumes a fully objective valuation method, which doesn't exist. Some individuals base their valuations on short-term goals and others on long-term goals. Some base them on careful analyses, whilst others are completely irrational. The market doesn't care. There is no objective method for calculating an intrinsic value of an organization; the value always comes back to the subjective desires of the individual stakeholders.
What you call a bargain is simply a difference in strategic opinion.