The author's reasoning is deeply flawed - when projecting future earnings and determining the present day value of the company, you can't just add up the earnin

The author's reasoning is deeply flawed - when projecting future earnings and determining the present day value of the company, you can't just add up the earnings. As money in the future is worth less than an equivalent sum of money today, you have to discount the future earnings using some sensible growth rate. See: http://en.wikipedia.org/wiki/Net_present_value http://en.wikipedia.org/wiki/Net_present_value