Totally agree with your sentiment "They should be funded out of p&l. This reeks to me of a poker game in which a gambler is going all in, without a real great hand."
SaaS companies should operate to rule of 40. Growth plus profit = 40%. Note that profit in this equation is actual profit NOT EBITDA which the late Charlie Munger characterised as "Bulls...t earnings"
Ann: Corporate update and equity raising, page-77
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