The stock market is so about the future ('discounting') that it is hopelessly misprices certain firms whose 'future' is much more open and in-their-control than for many other, maxed-out autofirms. In any case, the information distortions caused by all the loose money is epic. e.g., IF magneti marelli is worth, to a rea-world, real-economy buyer like say Samsung, or whoever else, 3 billion$, that means the rest of FCA: all 5million cars and suv-s sales worth, not to mention the economic 'value' of just the 'brands' is worth a mere 4-5 billion$ ? The discount rate on FCA's future (minus say MM) is plain absurd, then. It seems to assume deep, severe recessions in BOTH the usa AND especially europe as of next quarter. Possible, sure....but then price all of the rest of the stock market accordingly too! Mefeels the stock price will reach proper and just levels by 2018: i.e., when they start paying dividends, and/or when the buzz about a merger/acquisition/being-acquired actually takes on a real, beyond-a-thesis quality: some specific information on a specific deal with a specific partner (or two). FCA stock was up 9 odd% today just based on the sale-of-MM, sourced 'rumour'. All else being equal. Of course that is never the case. Which is why imo it's great for ex-Chrysler and ex-Fiat groups to be big-diversified business-family-controlled.