M118 valuation: As you can see from the valuation table in #msg-54022252, I ascribed only $150M of value to the M118 program when that post was written three months ago. Since M118 has not advanced at all since then, I would say that the program value has now dropped to $100M. If nothing happens in another three months, I’ll reduce this number to $50M, and if nothing happens in another six months, I’ll say that the value is zero. JMHO, FWIW
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”