Is Novavax, Inc. Really Worth 25 Times As Much As Vical Incorporated?

In his book "The Manual of Ideas: The Proven Framework for Finding the Best Value Investments" John Mihaljevic encourages individual investors to shed the small fish mind-set and think like a chief capital allocator. To illustrate, he sets up a table comparing market values: all by itself in the right column is Toyota for $99B (November 2001 price). In the left column he shows the value of Aetna ($4.4B), Delta Airlines ($3.6B), Ford ($32.4B), General Motors ($26.5B) Lockheed Martin ($19.8B), New York Times ($6.8B), and Tiffany &Co ($4.3B) all adding up to slightly less than Toyota (TOTAL = $97.8B). Then comes the thought-provoking question of which you would rather own for the same price: all seven great companies in the left column or just the one in the right column, Toyota?

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