Great points JJ. In the short term markets can be irrational. They can show extreme exuberance one day and then extreme pessimism the next. A good example was during the 08 crash. Teck shares were even going below $2/sh at one point. Shares of large companies were being priced as if they were going bankrupt. But we know now in hindsight the world didn't end and prices have since reverted back to reflect true value. In the long term prices always come back to reflect true value. Markets are often wrong, they do not always price things right all the time. After all, markets are aggregate sum of everybody's opinions right or wrong. If markets always efficiently discounted true value then there would be no opportunities for trading or investing. My 2 cents.