Short-term, you are correct. However long-term, the stock market does tend to weigh value heavily. That is something that people who aren't familiar with the stock market often get confused because how can people who are in the short term and the wrong term have such different outcomes.

One of the obvious problems with the short-term thinking is you can trade on feelings all you want, but if things go really bad the company goes bankrupt and suddenly the court say no more trades allowed anymore and your and your value goes to zero.