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The sunk cost is not really relevant - the value is where you could trade out to another asset today if you wanted to.
Yeah, it's kinda weird. I can see arguments for using value or purchase costs depending on what you are trying to do. In this case sunk costs would provide the slightly less depressing answer.
Howard
Why? The sunk cost is not really relevant - the value is where you could trade out to another asset today if you wanted to.