[...] when a company's stock price was lower than the total value of its separate assets, "there was either something wrong with the stock market, which may be true, or there was something wrong with the guys who were running that company. Because if they [the managers] were smarter, they would have been generating more value for the shareholders. They would have been using the assets more productively and making more things ... that would have added to the stock price." That all the corporation's stock could be bought for $50 million and its "parts" could be sold for $75 million was evidence enough of the stock market divining shareholder betrayal, which in turn justified the takeovers. [...]