The ZIRP discourse is a bit facile, but there’s a lot of truth to it, and a lot of tech companies have been kept afloat solely by historically-low WACC and a fr

The ZIRP discourse is a bit facile, but there’s a lot of truth to it, and a lot of tech companies have been kept afloat solely by historically-low WACC and a frothy IPO market; due to their inability or unwillingness to impose financial discipline commensurate with their revenue we have a bunch of companies that are, functionally, unprofitable at any scale. Rough times for good folks, unfortunately.