I actually think Pandora is going to turn out to be a nice, profitable business. But the valuation they're getting in the market is not that of a "nice, profita

I actually think Pandora is going to turn out to be a nice, profitable business. But the valuation they're getting in the market is not that of a "nice, profitable business". It's one of a MASSIVELY profitable business throwing off hundreds of millions in profits. So far they haven't thrown off anything.