Charlie, I would think its the wrong question...
Perhaps the better question is who is the wiser ?
While the person with no shares has no upside potential, he/she also has no downside exposure from a very high valuation; however, the fly could end up with indigestion or catch a deadly virus and die a horrible, cold and lonely death...
The ER appears to be a mixed bag.. looks like Arcam is headed into losses like all the other 3D players.. but sales and deliveries were better than I expected, still not lighting the world on fire but decent... AP&C is doing very well, a real bright spot... The results overall are decent if they were repeatable in Qs 1-3 and not just at year end... Jury is still out unless they give some better guidance going forward, I don't see this ER supporting a higher valuation...
Cheers