I guess the point is that you can make both cases. They would argue that a company with dominant sales and no profits could be bought by bought by a smaller co

I guess the point is that you can make both cases. They would argue that a company with dominant sales and no profits could be bought by bought by a smaller competitor with profits. But they had never seen VCs like today and could never conceive companies that could go for years with no profits and maintain high stock valuation. The world changes. So there's your answer: sometimes!