All along, Hugh Hefner’s position has been that Playboy’s stock is undervalued, and David Bank, a media analyst at RBC Capital Markets, tends to agree. “I think Hefner is incredibly shrewd,” he told me. “But when I take off my analyst’s hat and put on my psychologist’s hat, it’s something of an enigma to me. I don’t know that many 84-year-olds who are reducing their liquidity.”