Repeating this in threads where the same question keeps coming up:
Bytemaster explained his analysis in today's recorded mumble session. As usual, it went far deeper than superficial numbers like "market value".
Here's a sample: True value assessment must include an estimate of liquidity. It is not possible right now to sell every share at the market price. Not even close. So you can't give a DAC credit for its full market cap unless there is truly that much demand for every share.
Another example: A fully efficient market with all information available to it would be expected to correctly appraise the value of a share. But things are happening too fast and the more you
know and have assimilated the implications of all the facts the more accurate will be your assessment of the true value. Bytemaster is the closest thing we have to a fully informed appraiser.
So before you criticize his analysis, be sure you have thought things through at least that deeply.
