To be absolutely fair, though, NFLX should in no way, shape, or form be worth anywhere near $300 a share. Even $50 is pushing it.

I'd think settling somewhere between 30-40/shr. is a good premium. They have to have multiple pipelines of revenue aside from "streaming non-recent movies and tv shows."

Here's a strategy they can try: If they can score some day-after-airing TV shows a la Hulu and have them available for 30 days, then moratorium to let the studios "monetize" the episodes in reruns and in syndication, then "re-release" them in streaming the entire season, that will be something. They can angle it to subscribers as their own personal "Tivo". They can pay content owners per viewing, as Spotify does with music publishers.

> I'd think settling somewhere between 30-40/shr. is a good premium.

$30-$40/share would give it a P/E multiple of between 7.5 and 10. Netflix has trailing 5-year EPS growth of around 35%. You may hate the company and the stock, but $30-$40/share would have it trading at a discount to other companies with similar growth histories. There's no case to be made for $40 being a premium for NFLX.