Tech is like a country that just discovered massive amounts of natural resources like oil or gas. The result is a whole lot of corruption and inefficiencies. An

Tech is like a country that just discovered massive amounts of natural resources like oil or gas. The result is a whole lot of corruption and inefficiencies. And this is normally the process that plays out whenever a company gets a whole lot of money (through a windfall like a massive lawsuit or just via going IPO), you wind up with mangers empire-building rather than having any motive to focus on the bottom line. Every time I look at a tech companies financials these days, they're fucking awful with zero return on capital and often times negative operational margins. Wall street seems to assume that these are all fake-it-till-you-make-it stories and that management will find the next pot of gold and those companies will all turn it around. I tend to see the minor corruptions of managers spending as much of the companies money as they can to build their own empire.