Not sure I agree with that point. I admire those who are able to consistently separate emotions from decision making - and that's what I think economics training does for individuals when it comes to money and time. Of course, it can be taken to extremes and what may seen logical and rational on its face may not ultimately be viable/optimal especially when you take into account the emotions and reactions of others.
Correct me if I'm wrong, but I think by "value" he didn't just mean sentimental value.
Getting a Rolex because you found it for $5 is a value, getting a Fossil because you found it for $5 is cheap.