"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."

I understand, I guess my point was using market cap would be better. In the time the shares changed from $60 to $16 there could have been 4x the shares issued. Now I know that hasn't happened, but if it did they wouldn't be a weaker buyer at all.