Subject: Re: On Charlie Munger's centenary, and albatrosse
Jim: Imagine that every stock in the world were trading at fair value tomorrow, and we all agreed on that fair value.

You: So it seems virtually certain that when the Market is overvalued for a few years at a time, the aggregate paid by the current holders of the shares will be on average higher than the current fair market value of the shares, and that therefore, in the aggregate, larger than fair market value.

Am I missing something here?

You were asked to imagine that all stocks were fairly valued. Instead, your premise is that the market is overvalued