Yes agree with your post, especially as you are looking from a...

Yes agree with your post, especially as you are looking from a pure fundamental view i.e. valuations vs actual worth, which is a logical and appropriate way to value mature companies.

However I feel you're missing one key component, sentiment/hype & the prospective future of emerging markets/companies such as the MM industry. If you look on a whole, the MM market as one has been drastically sold off over the past few weeks after a very strong run (as any industry would). The sell off is due to traders taking profit IMO, these people are not taking your valuation theory into account when they are selling, its a pure profit and numbers play and being first in to secure/lock the profit in before other traders do so.

These is life in this industry IMO from a LT view, and also a medium term view where I see the MM industry picking up momentum and having another strong run and again another sell off. Currently the spotlight has come off MM and hype has turned towards geopolitical events etc (Trump) and traders are taking advantage of the volatility in companies effected there (this volatility and hype was in the MM industry a few months back).

Everything swings in roundabouts. I am not knocking your investment strategy just saying it is wrong to attribute a fundamental valuation to a company such as ZLD IMO and feel other valuation factors must be used.