es1, a certain amount of the disparity can be attributed, IMHO, to human nature.
While, say $1000 in cash is something people understand... there is the perception given of that identical $1000 of P's giving me 60 shares, $1000 of K's giving me 2200 shares, or $1000 of U's giving me 18000 shares -- that many people want to hold 18000 shares over 2200 over 60 shares.
And will pay a premium for it.
True investors look at the value in dollars being equal and not get confused or mislead by quantity of shares. (Like owning one share of BRK-A). And will do the intrensic math to see the differences for themselves.
Human nature, and certainly those playing the pinks, are much more used to paying pennies a share. And much more caught up in seeing hundreds of thousands of shares they baught as being more important than the underlying relative value of them against the other securities.
...Catz
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