Moonshine Industries has produced a barrel per week for the past 20 years but cannot grow because of certain legal hazards. It earns $25 per share per year and pays it all out to stockholders. The stockholders have alternative, equivalent-risk ventures yielding 20% per year on average. How much is one share of Moonshine worth? Assume the company can keep going indefinitely.
136. What are some common errors investors make in assessing the probability of uncertain outcomes? How did such errors reinforce the dot-com boom?
137. Explain why the market value of common stock often differs from its liquidation value or its book value.
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