What's a fair offer from Pfizer?, page-39

From my perspective the question as posed "why haven't we bid up the price to what we think the company is worth" shows a complete lack of awareness of the resource, risk, time and capacity factors:

1. Resource: I am not convinced that the company's leadership have the resources (e.g. the capability) to realise the value I see in the company.
2. Risk: There are both internal risks (e.g. ability to execute) and external risks (e.g. competitors, credibility, performance) that may reduce the value eventually realisable by the company.
3. Time: I am prepared to pass up 11.5c now because I expect the share price to be worth more than that (15c) before Christmas, which is well within my investment horizon. While I'm making predictions I hope for 30c-50c by Christmas 2023, and 50c-100c by Christmas 2024.
4. Capacity: I don't possess an infinite supply of cash with which to keep buying shares while they are at this level. I have reached the limit of what I'm prepared to invest at present.

So basically a point-in-time comparison is totally naive.