$4/share is almost a quarter of teck's share price sure, but what does that mean, nothing?

It means that $4 a share seemed a lot more reasonable when Teck was worth $60, than when Teck is worth $16. It was more of a metaphysical argument than an empirical one. I was referring to our subjective feelings around the value. It is hard to pull away from the fact that, at $16 a share, Teck is looking like a weaker buyer than before.