I think it’s exactly at the higher ranges that you are more likely to run into concentrated positions where valuations are not simply a total value multiplied by a percentage ownership.

What is Cargill “worth”? Suppose the families announced they were selling 90% of it on Monday. Would they get that figure?

What is Jensen Huang’s share of nVidia worth? If he announced he was selling all of in October, why would he not end up with that figure?

It’s quite different for a bank to lend Jensen (or Larry Ellison or Elon) 5% of that notional figure. They don’t need to care whether the true value is 30% or 50% of the notional to make that loan.