I think we have to tolerate a certain amount of irrationality from shareholders.

If you bought a $100k home which then dipped to $80k during Covid, would you accept an unsolicited bid of $90k?

It's reasonable for some people to take the bid, since you could arguably buy another comparable house for $80k and pocket the $10k difference, but I think a lot of other people would reasonably choose not to.

(I'm not totally sure if this logic scales to board rooms / billions of dollars, but curious to hear thoughts.)