> The way I understand L3, there's no such thing as "fundamental value". There's only market value I think control theory works better at describing these fact

> The way I understand L3, there's no such thing as "fundamental value". There's only market value I think control theory works better at describing these factors, as L1-L2-L3 suggest some derivative relations that its's not really there. you have your set point, which is the hard company value. you have n proportional forces, each proportional to the distance from the company current value and that of every put and call on the market. you have a damping effect in the form of HFT, and you have an integrative term, which acts weird because it's applied inversely proportional to the short positions, and it's the lending cost on the short positions.