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Semi retired The stock market values Lnc every minute of the day between 10 am and 4 pm. The market values Lnc at 66 cents a share. If you think there is upside on UCG you'd buy Lnc. There are heaps of situations take fairfax Current mkt cap 900 m earns $200 m pa Owns 50 % of my buy in nz MIT cap 1.5 billion. It has the largest short position on the bourse. Valuations are guides to investing. Other than glowing reports what does linc make from UCG Colin? It makes zero therefore I have a zero valuation on it. Lnc maybe cheap if Lnc could make a dollar from it.however so far it's made zero