RE:RE:RE:RE:RE:...someone is excited on Twitter XI should add that I take your point that it's simply a levered investment. But that factors into how much more market cap is needed and i think that capital gains is the more appropriate place to consider the extent of leverage, not the valuation itself. So 200M would be the starting point and then every extra 100M (only the equity) would be a double. I understand what you're saying I just don't consider yields that way i have to consider the debt that produced that yield. It's in the market cap gains where if my share price is $10 for example and the EV is $4 but then every extra $1 would be a double which would be 6x or 600%. That's how I would factor in the extent of leverage, I guess whatever makes sense to you but my ability to arbitrarily change yields by 3x by changing the capital structure is a good reason against considering yields without debt