Ann: Quarterly Activities Report, page-186

Yes, that was my point @papstock and it was linked to the fundamental value I perceive SPQ is worth and as such is undervalued. Yes, I do use MC for a quick scan it is a very useful measure, but be aware of its limitations in spec stocks.

Misconceptions About Market Caps

Although it is used often to describe a company, the market cap does not measure the equity value of a company. Only a thorough analysis of a company's fundamentals can do that. It is inadequate to value a company because the market price on which it is based does not necessarily reflect how much a piece of the business is worth. Shares are often over- or undervalued by the market, meaning the market price determines only how much the market is willing to pay for its shares. Although it measures the cost of buying all of a company's shares, the market cap does not determine the amount the company would cost to acquire in a merger transaction. A better method of calculating the price of acquiring a business outright is the enterprise value. Source: Investopedia