Market efficiency doesn’t mean prices always exactly match current value. Only that they reflect all available information and take expected future returns as well as risk into account.
That's only true to a certain extent. Current prices have more to do with the Fed buying 10s of $T of everything than will actual company values (minus a small handful of companies). 2022 will be interesting as life gets back to "normal" and the Fed has to unroll the Titanic.
