From an investor perspective this reminds me of the type of company Warren Buffet would invest in (if he invested in tech). Steady, focused, easily understood.

From an investor perspective this reminds me of the type of company Warren Buffet would invest in (if he invested in tech). Steady, focused, easily understood. Highly useful product. The only thing I quibble with is the knock against enterprise sales. Jetbrains may not need that, but some enterprise software does, especially if it's complex software touching a lot of non-technical stakeholders, not something a user can just download and get started with himself. I think the "no sales" model works well with strong products sold to technical users who can figure it out on their own (and in fact prefer to figure it out on their own).