reality check, page-19

My counter argument would be that even a market cap of $1k can be far more rediculous if we are talking about a company at a similar stage that plans to run a lemonade stand on the weekend at a profit margin of 5c per cup in the middle of winter. The absolute number for the market cap is completely irrelevant, what's relevant is what the earnings will be (and how well you can for estimate those earnings), how far away from those earnings you are, and how likely you are to get there. LNG's share of earnings for magnolia will be around $400m per year (and that's pretty easy to estimate since the income is based upon predictable tolling fees), we are a few years out from when we will make those earnings, and it seems pretty likely we will get there. Beer head is at an earlier stage but is expected to have similar earnings for the company's share. Given $800m per year in earnings + likely other projects in the future, $2b sounds far less crazy than $1k for my lemonade stand.