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> We can only evaluate the price based on the business they have, not imaginary alternate revenue streams.

I would really like to agree, but given recent valuations that doesn't seem to be the case does it?

Regardless of how insane deals may seem, you can still only evaluate them based on available facts. If you're going to start speculating about fictional future revenue streams, there's no point to even bothering to contemplate if the price makes sense.

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