What gobsmacked me about this is the complete lack of introspection or contrition. > If the product is software and thus can produce software gross margins (75

What gobsmacked me about this is the complete lack of introspection or contrition. > If the product is software and thus can produce software gross margins (75% or greater), then it should be valued as a software company. > If the product is something else and cannot produce software gross margins then it needs to be valued like other similar businesses with similar margins, but maybe at some premium to recognize the leverage it can get through software. > But we have not been doing it that way in the late-stage private markets for the last five years. > I think we may start now that the public markets are showing us how. This presents the situation as if the connection between gross margin and valuation is some new discovery - "Cool, we've learned something about how to price companies! - and not a basic fact of business that everyone has been screaming about for a decade, but that many VCs have simply been ignoring.