That being said, most of your definitions are still dependent on competitively pricing securities. A market maker who can't calculate reasonable theos won't be a market maker for long.
No, the MM doesn't care if TSLA is overpriced. He just sees where everyone is and makes a market roughly there.
> You can't provide quotes if you don't have something to quote around.
But you don't have to quote around the actual value of the item. That's the point.
You can of course also learn some things about where to market is going in the course of this business, and many desks are able to piggy back on some flow information for their advantage.