Ann: Top Holder Report, page-10

Dude, equilibrium is transparent and objective - it's there for you to see in the market.
Fair value on the other hand is subjective - it is up to you as an investor to determine the fair value of a particular asset. When your estimate of fair value differs significantly from market equilibrium (i.e. the current price) then you go and trade the asset.
To say that everything always trades at fair value is to assume that markets are always rational, and this is clearly not the case. Look at mortgage bonds and CDOs in 2007, or tech stocks in 2000, or industrials and railroads in 1929, or tulips in Amsterdam in 1620........ The list goes on.
The market price of an asset is simply the short term equilibrium that balances supply and demand, it is far from a true indication of fair value and it is your job as an investor to wait for opportunities to exploit divergences between your assessment of fair value and the short term equilibrium price.
As for your comment re ATU's 5 year history.... The stock has gone from 20c, to $2, down to $1.20, back up to $2, all the way down to 35c, back up to $1 and now back down to 50c. A business' true value does not change by this much this quickly and the price volatility kind of proves my point that the equilibrium price is not a great indication of value.
If you don't agree, then like Soggywinks, I wonder what you are even doing here. If the market is totally efficient then why are you wasting your time trying to beat it? Just buy a market tracking ETF and do something else with your time.