> What you're saying might be true if this were a perfect market, but there's externalities in that market (like liquidity) which you're not considering.

It is absurd to claim that liquidity in Uber shares would result in a 30% discount. A far better explanation is that preferred has rights that add most of that value.

> Fiction as it may be, it's the best instrument the public has to work out the value of a private company.

It's consistently wrong and in the same direction. As such, it's absurd to pretend that it shouldn't be discounted. It's fun for PR and headlines, but that's it.

The real summary here is that you, for whatever reason, are looking at a market transaction and claiming it's not the real market price. That's not just stupid, it's ludicrously arrogant of you.

You are essentially claiming that you are smarter and better informed than the participants in a large financial transaction. The rest of us are simply arguing that maybe we should trust the market a bit more, and be a bit less arrogant than you.