@BobbyLopez:
I am going to walk you through why you are getting the core business of BABA at 6.1x EBITDA, even after the explosive performance on Monday. We have a long way to run as of yet.Enterprise value (Market Cap + net debt) at end of trading on Monday = $284bn. We are at an annualized Adj. EBITDA of ~$20bn based on the six months ended 2021 (note that this is less than management adj. EBITDA, as I don't add back share-based compensation or operating lease costs when bridging to adj. EBITDA...both are real expenses, never let anyone tell you otherwise).Together, those give us 284/20 = 14x EV/Adj. EBITDA for the group as a whole. But this misses the bigger picture.1. The adjusted EBITDA above doesn't include a cent from the BABA investment portfolio, including a 1/3rd stake in Ant financial, which