self-evident » Ben Graham would be proud
I see there is an economic difference between owning the actual stock and owning synthetic stock via options: If you own the actual stock, you can loan it out right now for a ridiculous rate of interest to people who seek to short it. You cannot similarly loan out synthetic stock, and this accounts for the price differential.
Put another way, the stock price is being amplified by a factor of 2.5 because so many people are willing to pay a premium to short it. Welcome to wonderland, Alice.