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@ Tony Carrera
2025-06-10 17:34:27Thanks for the reply. Good points. Valuation is in the eye of the beholder/investor. The value investor will see opportunity on the lower mNAV. The growth investor will see opportunity in the higher mNAV which generates a higher BTC yield. Most mNAV calculations are simplified and don’t take debt or cash into account (effectively EV - enterprise value). Investing in LBE’s is a really interesting exercise.