When a valuation comes in below price, you learn a lot by what happens next.

A disciplined group says:
“Okay. What does this tell us about pricing and risk?”

A motivated group says:
“Okay. How do we get this to support the price?”

Once the valuation gap is treated as a “problem to solve,” it stops being an independent reality check.

It becomes a negotiation obstacle.

And that’s where moral hazard starts to convert into value destruction.

Because the gap doesn’t vanish.

It gets pushed forward in time.

The premium doesn’t disappear.
It becomes pressure.

And pressure has a cost.