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I watched it, and there were some good points by both sides. Chano's arguments made sense in a perfectly efficient market, over a long time horizon. They were principled I would say. Rochard argues there are issues with the current bond market and enough forward looking aspect to stock valuations that the elevated mNAV is justified.
I haven't made up my own mind entirely, but it's an interesting thought experiment and the debate is worth the watch. The arguments are all made in the best faith and with the intention of learning, which is a refreshing departure from most of these things. Kudos to both.