Setting aside the capital markets, what in your own experience have you found pricing failures? Not simply bargains, but a complete breakdown in the pricing system's ability to assign even approximately correct values? How often does this seem to happen in your everyday life?
Stated differently, what is the most overrated or underrated item for sale that you have seen? I am always on the lookout for everyday arbitrage opportunities to exploit mispricing - professionally in the capital markets but always personally wherever I can find them. Any thoughts?