A letter writer offers a view on the proper valuation of shares. The reference as written pertains to the many bankrupt companies whose shares appear to be artificially boosted for political purposes, as no rational fiscal answer readily suggests itself.

The letter writer reads with a sharp eye, for which any commentator feels honoured. Perhaps the offence can be removed by repeating the word 'bankrupt' in the second sentence so that the two sentences then read:

"Share prices of bankrupt companies should not appreciate unless there is mischief afoot. In the absence of any foreseeable dividend, the share price of a bankrupt stock should not reach, much less exceed, the net tangible asset value."

Comments on articles are always welcome, especially so when they contain the constructive criticism referred to by the writer.