> Valuing an asset based solely on income in a true market is the best way to not get screwed. True markets are few and far between, though. The degree to which

> Valuing an asset based solely on income in a true market is the best way to not get screwed. True markets are few and far between, though. The degree to which your market is regulated determines your external risk. I think you make good points, but I'd add that certain regulation is necessary for a "true" market: 1) The regulation that prevents the fraud and cheating that distorts markets, and 2) regulation that prevents the market from ignoring the externalities that are not factored into price, such as health, safety, labor rights, and environmental impact.