This is dead on. What's interesting is that capital flows strongly underprice this in late-stage companies (until they're 12 months from an IPO) and even pre-in

This is dead on. What's interesting is that capital flows strongly underprice this in late-stage companies (until they're 12 months from an IPO) and even pre-indexation. It's exactly why I started this - https://lembascapital.com/strategy/ https://lembascapital.com/strategy/. If you read any of SEG's quarterly benchmarks, you'll see that a company like Zoom really does stand on its own. You can see that here: https://softwareequity.com/research/ https://softwareequity.com/research/