A few ways they are bs are: - companies say they are worth price-per-share * number-of-shares but investors tend to get preferred shares which ought to be wort

A few ways they are bs are: - companies say they are worth price-per-share * number-of-shares but investors tend to get preferred shares which ought to be worth more - valuations may be driven by competition between investors, how desperate the company is, the state of global financial markets, etc.