Overvaluation of any asset hinders its long term success. 

You want people who are capable of patience over vast periods of time to be able to get a price that is fair in that context, over a generous window.

If overvaluation lowers the chance of a return over a 10+ year period, you’re fending off the smart money.

Corollary: therefore smart investors will sell even the best assets at the right price, a natural immune response. Weaker hands buy it and sell it again lower, back to the smart investors.