What are "Peninim"?
Rashi (8:11): They are pearls.
What is the significance of "Yekarah Hi mi'Peninim"?
Horiyos 13a: Torah is dearer than the Kohen Gadol, who enters Lifnai v'Lifnim (the Kodesh ha'Kodoshim. therefore, a Mamzer Chacham has precedence over an ignorant Kohen Gadol.)
Malbim: Peninim (pearls) are expensive because they are not found on the land on which man lives, rather, in a different element (water); they are found in the depths of the sea. So the laws of Chachmah are not found in man's Sechel, which dwells in physicality, rather, from Shamayim - Divine Sechel, which is much further [from man] than the depths of the sea.
Ma'alos ha'Torah (DH Yafutzu): Torah is compared to water. Do not say that just like water has no price ("uv'Lo Mechir Yayin v'Chalav" - Yeshayah 55:1), also Divrei Torah - "Yekarah Hi mi'Peninim"!
What are "Chafatzecha"?
Rashi: Your desired [Malbim - bodily] matters.
Here it says "v'Chol Chafatzecha Lo Yishvu Vah" - this implies that Cheftzei Shamayim do equal it! Below (8:11), it says "v'Chol Chafatzim Lo Yishvu Vah"!
Mo'ed Katan 9b: Here discusses a Mitzvah that no one else could do. Below discusses a Mitzvah that someone else could do.
Ma'alos ha'Torah citing Yerushalmi Pe'ah 1:1: Your desired matters - your gems and pearls are not equal to even one matter of Mitzvos. Below teaches that desired matters of Shamayim, i.e. all Mitzvos, are not equal to even one word of learning Torah.
What is the meaning of "Lo Yishvu Vah"?
Rashi: They are not worth as much as it. Malbim - this is because via [the laws of Chachmah] one attains matters worth more.
