Wave Systems Corp. (fka WAVXQ)

[scorpio_esq]

Lucky, I don't have a specific reference for the term, 'real value'. That is simply my usage to explain the concept of an objective measure of the totality of objective factors that determine how much a company is worth. As anyone who has spent any time bidding on EBay can say, in the 'real world' there is no totally objective way of determining the 'real value' of anything, because at some level of analysis, some degree of subjectivity or emotion enters the calculation. That said, there are many methods or measurents by which one can estimate a 'real value' for a company or business. The most common method is to estimate the projected amount of all future earnings, and discount that amount back to today's date. Another measure that might be used is the present net asset value, basically, what is a fair price to sell the company for. Another measure is book value. The point is that when you own company stock, you own a share (a proportionate share) of something real, which can be different from the 'value' of that share of something real that is represent by your stock share price. Think about it -- what does an undervalued or overvalued share of stock consist of?