Yes and no. Speculation creates bubbles when people overestimate but not when they underestimate. Financial products are definitely not always overvalued eith

Yes and no. Speculation creates bubbles when people overestimate but not when they underestimate. Financial products are definitely not always overvalued either. Accounting was created so that we can properly evaluate what a company's overall value discounted for future earnings and they are pretty accurate (accounting was never my favorite subject so that can probably be better defined)