Who knows what's best to buy right now in this environment.

I'm just making the point that, if stock A trades for $10, and one is concerned because they believe the "true" net present value of its share of the business of $5... that the situation isn't improved by buying asset B that trades for $10 but has a zero underlying net present value.

(Asset B may very well do better, because underlying values are not the only reason we buy assets...)