With a stock, it requires a lot of work to figure out its true value and that’s only an estimate. Technology changes rapidly and it’s hard to really pin down some companies. It wasn’t until things developed over the next 1-2 decades that a reliable and steady source of earnings could have been predicted.
https://www.reddit.com/r/apple/comments/iitwnw/splitting_the_appl_an_interactive_guide_to_the/

