Mirabiledictu1, it's probably less helpful to think of things in terms of shares issued.
It's more relevant to think in terms of total market cap. The market cap implicitly incorporates the number of shares on issue.
You can't correlate a certain TAM (Total addressable market) to number of shares but you can to a market cap.
Also you can model out total income and compare that to market cap too. Thinking in terms of shares is useless.
If a poster references total number of shares outstanding then it is clear they don't understand how shares work or basic economic/finance theory and you can pretty much discount anything they say.
At the end of the day it doesn't matter how many shares are outstanding, it's the market cap that counts and the TAM and the differentiation of their competitive position within that TAM.
In FBR's case it is pretty crazy to even think in terms of TAM vs current market cap because the current market cap it is so ridiculously large the ratio breaks.
This is not investment advice. Do your own research, etc etc.
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