Bubble, My Ass: Some Unicorns Might Be Overvalued, But All Dinosaurs Gonna Die. | by Dave McClure, Practical Venture Capital
Summary: pundits argue billion-dollar startups are overvalued, but few realize why public company valuations might also be too expensive. Traditional P/E ratios of 15–20+ are likely too optimistic, relative to how long the future cash flows and operating margins of big dumb companies can be sustained. Unless they innovate more rapidly (or acquire their internet