This is all very interesting. Didn't we leave intrinsic value behind in the 19th century? To be completely honest, I find that Lucky values miles in a very pragmatic way that can be applied more generally, not unlike the way an asset might be valued by a major bank. Those who consider the value to be based off a specific redemption are going for a particularized approach that has little value outside of the individual redemption. At bottom, the points have no value beyond that which is given to them by the market, which in this case isn't the NYSE and therefore is not even remotely static.