*From Wikipedia... "Present value* is the value on a given date of a future payment or series of future payments, discounted to reflect the time value of money<http://en.wikipedia.org/wiki/Time_value_of_money>and other factors such as investment risk <http://en.wikipedia.org/wiki/Investment_risk>. Present value calculations are widely used in business and economics to provide a means to compare cash flows at different times on a meaningful "like to like" basis." Without the word future in this definition you have no present value. The "market" in the form of the current Auction 73 and the private transaction in which a TV station was sold in Tyler TX have put "present values" on both the single station in Tyler, $25 million, and the combo or Channels 53 and 58 in Midland TX at $450,000. All I am saying is that I disagree with the "market". The only way to really make money in any market is to disagree with the prevailing wisdom, the "market" price either up or down and be right. Soros did it by betting against the British Pound and he was right. It seemed pretty obvious to many before and especially after he made his billions but he was the one who put his money on the line. Same in Auction 44, someone bet that 54 and 59 were worth more than the $38,000 they bid and won. The market says they are worth around $450,000 today and you suggest that is too high while I think it is too low. Time will tell. Within a few years you will not be able to buy that license for $50 million IMO. That is license sans all other assets the buyer may have invested in it. Again IMO. Bob Miller Bob Miller On Feb 11, 2008 9:57 AM, John Golitsis <jgolitsis@xxxxxxxxxxxxxxx> wrote: > As is often the case for you, that just doesn't make the least bit of > sense. > > On 10-Feb-08, at 11:26 PM, Bob Miller wrote: > > > If there is no future there is absolutely NO present value. Zero! > > > > > ---------------------------------------------------------------------- > You can UNSUBSCRIBE from the OpenDTV list in two ways: > > - Using the UNSUBSCRIBE command in your user configuration settings at > FreeLists.org > > - By sending a message to: opendtv-request@xxxxxxxxxxxxx with the word > unsubscribe in the subject line. > >