Bullish, page-170

Firstly, I have always said I prefer the APT model to Z1p, but naturally thought APT was overvalued from inception... afterall it IPOd for $150m with no revenue... Fortunately or Unfortunately, valuations have got out of hand since 2015, with high growth businesses being able to jump on the Revenue LTM or NTM band wagon... Its a dangerous thing... and it propagates continual huge re-valuations... Just looking at recent Private rounds, like Divvy, Affirm... and some public, like Uber/Lyft all going off Revenue multiples... However the joke ends up being at the publics expense... as invariably they absorb the brunt of the correction when things got from Revenue LTM to Forward PE or EBITDA.

Re following Red John... now just to re-iterate, I would never do that, for the simple fact that I get into these kind of businesses and ride the value chain from seed at 10 cents a share up to $5 on IPO... then get out, and let you guys gamble on whether it goes from $5 to $20... and do it all again... I'm not into gambling, which is what you effectively are doing.

I get in early and bet on good entrepreneurs who can grow a business and take it up... rinse repeat... Holding long on spec public shares is simply not what I do, particularly in industries that are unproven is hardly the sure bet to make lots of money... Thats Why I am only here to talk about fundamentals... Separate SP from fundamentals and have a proper chat as @street talk said... its not Z1p specific, its the whole industry