Hah, thanks. I think I mentioned this years ago. I believe the analogy is most appropriate when a company hasn't yet discovered a solid, profitable business m

Hah, thanks. I think I mentioned this years ago. I believe the analogy is most appropriate when a company hasn't yet discovered a solid, profitable business model. When you're in the early, exploratory days of your business, spending cash on non-critical items is literally like spending equity because non-critical purchases (especially extravagant ones) cut down your runway and do not raise the valuation.