I think there's a lot of ambiguity in valuation. P/E for a public company is very much a matter of confidence and perception. Culturally, different groups will

I think there's a lot of ambiguity in valuation. P/E for a public company is very much a matter of confidence and perception. Culturally, different groups will perceive a company in different ways. The same group will perceive similar companies differently. It's all over the map. In public markets things stabilize to a common view. That's the effect of liquidity. But private markets without that liquidity can have divergent investor perception.