nothing to do but wait, page-25

Vendor, if you want to define the value of a company to be the current mc, then that is one way to look at it.
We simply differ on our definition.

As U812 points out with the Buffet example, the fundamentalist’s definition of value is independent of the current mc.
We like to buy when we see a strong discount to what we believe is the fundamental value for a company and we aim to take advantage of what we believe is an underpriced stock.
Buffet and others have proven over decades that this can be a very profitable approach- arguably the most successful approach based on Buffets half a decade of success.
If this approach is flawed (the market is always right), then Buffet would never have made his billions for himself and his investors.
Buffet could only have strongly outperformed the market over the long term if he was correct that the market was pricing stocks incorrectly for him to take advantage.

“from where I sit the market is right, not me, not fmx not top trader, but the market.”

Vendor when you see a stock drop 10%, 20% or more in a week on no news, form a bottom and look like it's about to rally hard in a short time, then surely you must believe that the market is temporarily pricing the stock incorrectly and that the market is not right at the time.
If the market is right in its pricing, then how can you expect the price to rebound? How can you profit from short term trading if the market pricing is correct?
If you see a strong up trend that looks likely to go higher then that implies that the market was wrong at lower prices and is still wrong now as it has further to run according to the chart.
You can argue that the market can be wrong in the short term, but trends can last for months and longer. Look at Telstra’s multi year down trend and now its multi month uptrend with gains well over 50%. Its fundamentals have not improved by 50% since the lows. The market was wrong with that price.
Small stocks can have much larger extremes of incorrect pricing thanks to less liquidity making them even more vulnerable to market sentiment.