1) in your own #s, then at the current price of 4.7BTC AM is still undervalued if it will generate 6.4BTC.
2) If you apply that type of reasoning to real life companies then you would rarely invest - APPL was likely never going to survive the 90s because its stock was overpriced right?
3) Buying AM is believing friedcat & Co. can do more with BTCs than you can. They might open new services or create new income streams (meanwhile reducing income seem unlikely.)
4) Txs, Txs Txs. By the time all Bitcoins have been mined, the transaction fees will make it worthwhile for the miners (Satoshi's white paper)
True, AM shareholders also have a stake in Bitfountain, the mother company.
A: Because the ASICMINER shareholders (GLBSE investors) have an extra set of privileges upon Bitfountain shareholder (us).
https://bitcointalksearch.org/topic/m.1088045