This margin between value and price is the major key to successful value investing. Analogy with Bridge Evaluation versus Bidding Stock market investing which is not a game can be compared and contrasted with the card game of bridge. Some brief background may be helpful for those unfamiliar with bridge. There are several types of bridge. Contract bridge includes rubber bridge and duplicate bridge.
Contract bridge is the basic form played by four players, usually informally and socially.
Duplicate bridge is the form normally played in clubs, tournaments and matches, and requires at least eight players. Duplicate bridge is basically the same as rubber bridge, but the element of chance is equalized for all the players by having the same deals replayed by different sets of players. Chicago bridge is played by four people like rubber bridge, but the scoring is more similar to duplicate bridge. Contract bridge developed from auction bridge, which is mainly different in the scoring. In auction bridge, overtricks count towards making game, so it is only necessary to bid high enough to win the contract and there is no incentive to bid all the tricks you can make.