Straight Bonds: Duration and coupon drive valuation and price.
Convertible Bonds: Equity component drives variability, some price-value divide.
Real Estate: Buyers intuit a price-value divide when seeking ":good deals".
Precious Metals: Supply-demand imbalances drive price-value divide
Other Collectibles: Personal attachments drive price-value divide
Value investors habitually relate price to value. This attitude applies not only to equities, but also to all other investments. The habit of relating price and value comes more naturally for certain assets than others.
Real estate is a good example. People seem intuitively able to understand that they might be getting a "good deal" on real estate, but many exhibit less intuition when thinking about common stock investments. They do likewise with consumption goods such as cares and loans or leases taken to finance their purchase.
Markets for some alternatives show how price-value differences are less likely to appear. Bonds are a good example. These instruments have features such as duration and interest rate that common stocks lack. This makes it easier for investors to agree on their value and produces prices more reflective of value. The absence of these features on common stocks suggests reasons to believe that price-value differences are likely to occur on common stocks.