I think the inaccuracies naturally swing in both directions (undervaluing certain aspects of a business, overvaluing others), so in a calm marketplace, this doe

I think the inaccuracies naturally swing in both directions (undervaluing certain aspects of a business, overvaluing others), so in a calm marketplace, this does not cause a bubble. But when the natural level of inaccuracies is combined with human emotions like greed and fear, inaccuracies can start swinging in one direction or the other more prominently (and this trend manifests itself in the form of a bubble, or a recession).