AM is increasing now. But it stop at 1PH. I know how PMB works. Thats why I'm continusly wroting "in some period of time".
AM example is good to see that price of the share has nothing to do with math. TAT.VIRTUALMINE gives more dividends that AM (same BTC invested) and it's cheap.
It just doesn't make any sense to compare a mining bond with guaranteed, but diminishing returns, to a company like AM.
Sure, AM's dividends might be lower for a few weeks, but they are holding back funds to invest in new technologies that should increase shareholder value over the longer term. So... it does have to do with math, it's just not a back of the napkin calculation you can do for a direct comparison to a bond.