The book value of a company does not reflect the whole strategic value an acquisition provides (talent, userbase, moat) etc. -basically anything not listed on t

The book value of a company does not reflect the whole strategic value an acquisition provides (talent, userbase, moat) etc. -basically anything not listed on the balance sheet. "Good will" encompasses the remainder of the value of the acquisition. i.e the price the sellers can command. It's not error in the sense that its "erroneous"