Newsmax is worth $16 billion? Here's what's going on.

PATRICK T. FALLON/AFP via Getty Images

• A small, conservative media company with limited revenue just went public.
• At the moment, it's worth many billions of dollars.
• Is that sustainable? Ask investors who bought shares in Donald Trump's media company a year ago.

Is Newsmax, the conservative news company that just went public, overvalued?

Short answer: I don't give investment advice. But if I did, I'd say yes. Newsmax is overvalued.

Longer answer...