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No. of Recommendations: 1
If the market thinks it is worth $100 and it going to go down reliably, then I would say the stock is exactly worth what the market says it is.

I agree. I wouldn't bother "valuing" the company given its quirks since the economics, moat, market appeal, etc. are likely to be wildly different if those quirks were absent.

So the stock price is exactly at its fair value with the buy side being composed of people who put a higher intangible value on flair and people who find themselves in situations (ie, hyperinflation) where a small negative nominal return represents a compelling opportunity.

Tim
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