
Reconing Reflections - gist
https://avc.com/2019/09/reckoning-reflections/
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gist
This is typical investor 'all about the numbers and margins' as a way to build
a business as opposed to the actual product or the quality of the customer
experience which is what makes the business valuable.

This in particular:

> Apple and Amazon were put forth as great lower margin businesses. Amazon is
> a roughly 25% gross margin business and trades at a little over 3x revenues.
> Apple is a roughly 40% gross margin business and trades closer to 4x
> revenues. I think that emphasizes the point that revenue multiples ought to
> reflect gross margins.

Completely avoids mentioning why Apple and Amazon are actually valuable in the
first place (Fred in particular has thing about Apple in a negative way
because of something that happened to a portfolio company in the past).

