Nit: fair value is more an accounting thing related to observed market price. It’s not really a theoretical concept. You can make up some valuation using a var

Nit: fair value is more an accounting thing related to observed market price. It’s not really a theoretical concept. You can make up some valuation using a variety of methods. Today stock price is gonna be heavily sector specific but for tech it’s mostly comparables + signals, not really future earnings.