Alternative/complementary view: traditional software applications business is extremely high-risk high-return. It’s no accident that NeXT (and Microsoft in earl

Alternative/complementary view: traditional software applications business is extremely high-risk high-return. It’s no accident that NeXT (and Microsoft in early days!) almost ran out of money. To balance the risk, you would want to compensate with extremely conservative balance sheet. Michael Milken published a paper analyzing exactly this issue a while back.