I don't think it's schedule-driven, I think it's event driven. In particular, I think that there are two events that value must survive in order to be demonstr

I don't think it's schedule-driven, I think it's event driven. In particular, I think that there are two events that value must survive in order to be demonstrated real: 1: End of severe information asymmetries (going from private to public--i.e. an IPO--will typically do this). 2: A crisis of confidence. A crisis of confidence can temporarily depress the market valuation of something with real value, but the fundamental underlying strengths will drive the price will recover as the crisis abates; inflated value will not recover in this manner after a crisis of confidence because the crisis will have served to expose the fundamental underlying weakness.