PS:
I don't think about TAM or any of that rubbish.
IMO it's all about judging how much of the expenses is actually reinvestment into growing the business. For ABY, we're looking at marketing spend and the website R&D. Part of those expenses would be needed to maintain the current business, and the remaining part is driving customer growth. So I try to estimate how that splits up, and I think of the second part like profit that is being reinvested.
Ann: Business Update, page-28
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