Glenn Reynolds realizes he’s undervalued. Well, yeah. Based on News Corp.’s $580 million purchase of MySpace with its 17.7 million visitors per month, his visitors — about a quarter of that — would make him worth $145 million … and he’s hiring a banker.

Hell, that’d make li’l old Buzzmachine worth a few mil, even.

But seriously… I had complained that Glenn undervalues himself with his ad rates (though they are coming up now).

But the real problem is that we’re all undervaluing out little medium. The big, dumb money comes along (mind you, these were the folks who tried to shove $400 mil down Pointcast’s throat and those sods were stupid enough to cough it back up) they have no way to spend it. We make it difficult.

More to come on this topic later…..