Of Course, Buffett is correct

The author argues that investors and not management determine if the share price is under- or over-valued.

In fact investors as a population (the market) ALWAYS believe that the current price is precisely correct. Otherwise they would push it up or down. Individual investors and management are ALWAYS free to have a different view. The smart ones exercise that view.

Also the notion that Buffett is wrong violates my Rule Number 1: " Always assume that Buffett is correct"

Very occasionally he may be wrong, but go with the odds and just assume he is correct.