> The correct perspective, aka reality, is that market value gravitates towards the intrinsic value in the long-term. What makes that the "correct perspective"

> The correct perspective, aka reality, is that market value gravitates towards the intrinsic value in the long-term. What makes that the "correct perspective"? If you started doing value investing in 1990 and stopped 30Y later today, you would have perform less than the benchmark, so your definition of "long term" could very well be longer than the whole investment horizon of some people. > And if you're a very long-term investor, you can ignore the market price and just collect the dividends. Except few companies pay dividends that would even beat inflation nowadays. The trend is more towards share buybacks. In that world, your intrinsic value does not exist, your only way to make a profit is to sell.