Just as a reminder. ASICMINER didn't pay any dividends for about 7 months while the project was incubating. So it really depends on what you consider " a long time". On a few occasions friedcat already indicated that the company is securing funds for the long haul. This is perfectly reasonable if you want to stay in the mining business for the forseeable future, and the environment for raising funds becomes increasingly regulated and fractured. Unless a mining competitor finds a way to burn investor money (ala BFL) to stay competitive, we're looking at an industry with tight economic constrains. As such having a low cost structure for mining, R&D and production/distribution is essential and ASICMINER is certainly on the right track. Please keep that in mind when you try to establish your own company valuation for AM.