Over the long term, stock prices and intrinsic value should ultimately converge. There are some scenarios where a company keeps creating enormous value, but for various reasons, the market doesn't want to recognize it fully. The common stock of Assured Guaranty has been a massive winner since early 2009 when the stock traded below $4. In all that time, I've never felt like the stock was appropriately valued. Surely, the Financial Crisis and bankruptcies of Detroit and Puerto Rico made huge headlines, but for those that did the math, the value was clear to see.