Right, I see. I totally understand them...they were in a position to pick a number that said, "You know what, if someone actually puts this up, we can take the

Right, I see. I totally understand them...they were in a position to pick a number that said, "You know what, if someone actually puts this up, we can take the deal and have absolutely no regrets." [If this stands to reason], it wasn't "outrageously high because they didn't want to sell"; it was just the true price. They knew how enormous GOOG's potential was and acquirers didn't, hence the asymmetric information situation that leads to your thesis that "turning down reasonable offers is the most reliable test you could invent for whether a startup will make it big." At least, that's how I'm reading it ;-) Yay or nay, pg?