When you have so much traffic, it's easy to find other avenues for product changes. You can move into new niches. You gain flexibility. But when you also have

When you have so much traffic, it's easy to find other avenues for product changes. You can move into new niches. You gain flexibility. But when you also have a high valuation, and have been taking money off the table, those choices become limited to those that are perceived as the highest growth. You lose flexibility. Frugality is good, at all levels.