People sell "innovation" at a huge premium. You can make wild projections because there's not a history of past performance to model from. It's like rookie card

People sell "innovation" at a huge premium. You can make wild projections because there's not a history of past performance to model from. It's like rookie cards. The rookie card of the player who doesn't pan out is briefly worth a lot more than the card of the durable all-star in their seventh year.