A perfect example of Asset Valuation is the BSM hellyer Mill - Valued at $100M by 3rd Party Experts, yet sold for $10M.
BSM has a Market Cap of $10M so does that mean by your measure BSM should be valued at $100M or $10M...?
Assets is NOT a good measuring stick at the moment in my opinion - Too much fudge involved.
Anyway, I never dissed on MCR I only pointed out that PAN is more defensive due to larger hedge and lower cash cost. Not that the market gives a fig about anything anyway.
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