While I agree with your statement, I think you are giving "financial discipline" way too much weight. As you probably know Facebook( Instagram) did copy " stor

While I agree with your statement, I think you are giving "financial discipline" way too much weight. As you probably know Facebook( Instagram) did copy " stories" from Snapchat. When your competitor effectively steals your secret sauce, what do you do? I believe that is why they went with their radical UI design change.( In order to retain users, which backfired) I am not justifying the cash burn that snap had, just saying that competitors definitely were a factor in them not being financial disciplined. Another major negative was from the get go with that their shares listed are non voting which was a major turn off to wall street which got them blackballed from being included in the SP500.(Has nothing to do with running a company or financial discipline, but definitely a negative when large institutions cannot invest in you because of strict bylaws.)