I quite like Ben Kuhn’s discussions of the topic, e.g. https://www.benkuhn.net/terms/ https://www.benkuhn.net/terms/ and https://www.benkuhn.net/offer/ https://

I quite like Ben Kuhn’s discussions of the topic, e.g. https://www.benkuhn.net/terms/ https://www.benkuhn.net/terms/ and https://www.benkuhn.net/offer/ https://www.benkuhn.net/offer/ I’d not really thought about it before reading the first post I linked but it’s clearly incorrect to take valuation = price payed for preferred shares * shares outstanding because you’re pricing the preferredness at 0 when it is not worth 0.