I think there are two issues operating here. The first issue is that there is absolutely a genuine business case where as long as your COGS is close to 0 then y

I think there are two issues operating here. The first issue is that there is absolutely a genuine business case where as long as your COGS is close to 0 then you literally can grow into profitability. That very clearly applies to Slack and other internet companies where you build the application and you're basically incurring only fixed costs. The second issue is that we have a number of companies that aren't that style of tech company that are wrongly valued like that. Companies like Uber, Tesla WeWork etc. All attempt to mask their traditional business with tech. I think we can make a pretty strong case that what we're seeing there is a bubble that will burst.