The sense we get after studying valuation/pricing of financial assets concept for portfolio management is that the value/price of any asset is the -

1. value of past dividends and price increases for the asset.
2. value of the dividends received from the asset.
3. None of the given options.
4. future value of the expected earnings discounted by the asset's cost of capital.
5. present value of the cash flows received from the asset.