Why has the share price gone up? Clearly because people are stupid.
Undeniable facts:
1) There's certainly no shortage of dribbling fools amongst AM investors.
2) Competition is coming, and will give AM a run for its money - no doubt!
But I am curious: how do you go from "competition is arriving" to "share is overpriced"?
Most investors are not complete idiots (well, at least some!), and have taken that into account - and in my opinion, the share price currently reflects that. So, could you show how you calculate a fair share price based on your assumptions?