I did touch on this: "Or maybe not even include the cash and borrowings, or do some more advanced calculations I don't know about, since the market probably acc

I did touch on this: "Or maybe not even include the cash and borrowings, or do some more advanced calculations I don't know about, since the market probably accounts for those indirectly on the market cap". If they are not independent variables, then it's also not fair to plainly add variables that depend on each other, since they will give a skewed value given that simple addition would assume they are independent.