I never understood this notion that the "fair value" of a company is somehow tied to anything but the price of its stock. If the fact that a stock used to be wo

I never understood this notion that the "fair value" of a company is somehow tied to anything but the price of its stock. If the fact that a stock used to be worth more than it is now means that it's somehow under priced then you'd have an easy arbitrage strategy on your hands. Google paid a 63% markup even though this author spins it as though they paid only 10% above some "true value".