The big issue seems to be whether you can trust management not to burn away the cash from Alibaba on unwise acquisitions, initiatives, and so forth. It's a com

The big issue seems to be whether you can trust management not to burn away the cash from Alibaba on unwise acquisitions, initiatives, and so forth. It's a common problem in the stock market when you find stocks selling for less than your analysis of liquidation value. You may be right that at this snapshot in time, that's actually the case. But since you're a minority investor without control, you can't force a liquidation or breakup of the company at your convenience.