This is typical investor 'all about the numbers and margins' as a way to build a business as opposed to the actual product or the quality of the customer experi

This is typical investor 'all about the numbers and margins' as a way to build a business as opposed to the actual product or the quality of the customer experience which is what makes the business valuable. This in particular: > Apple and Amazon were put forth as great lower margin businesses. Amazon is a roughly 25% gross margin business and trades at a little over 3x revenues. Apple is a roughly 40% gross margin business and trades closer to 4x revenues. I think that emphasizes the point that revenue multiples ought to reflect gross margins. Completely avoids mentioning why Apple and Amazon are actually valuable in the first place (Fred in particular has thing about Apple in a negative way because of something that happened to a portfolio company in the past).