Now DCF their perceived future cash flows, or doesn't fundamental analysis work in your mind also? Maybe value is based on future value perceived such as Tesla is, Amazon was? I don't think Behavioral economics applies to either. People simply wanted the stock more than sellers were willing to sell hence an increase in price equilibrium. The 70's so called theories still applied and Jeff B and Elon M were great promoters (eg no silence). Actually the theory goes back before "the wealth of nations". Might want to read it.
A good way to avoid dealing with questions is to pivot into a discussion on other topics and hope it all goes away.
Still the FACT remains, Elites valuation is determined by recurring revenues of which its license fees and milestone payment are not part of. It may be valued as a one time cash increase in valuation but not as part of a growth curve to base projections and valuation against
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