You're not wrong with the description, although I would counter that you don't have to be smarter than anyone else - even if just a fraction of people is undervaluing an asset, you can still make a profit.

I think Elon is a good example of that - a lot of coverage in the past years focused on missed production numbers and that sent his reputation into a tailspin. But anyone who actually bought and drove a Tesla knew that the cars were ahead of their time and that the rest of the country would eventually catch on.