Ann: WTC FY21 Results investor presentation, page-35

I apologise I probably could have made a better argument. Regardless, you miss place my diction and argument as an attack. In my line of work, and to answer your question about who I am, we call that confirmation bias. You don't have to answer the question I am just wanting to get your take on things, I am inviting a good argument. If we're not doing that we are just trying to prove who is right. See below a few more details.

My general point was that EBITDA is better than things like PE, especially when the company isn't laden with debt (if they had lots of debt we wouldn't see it in EBITDA). What I think this is telling us is that, like Amazon when started out (I thought it was obvious I wasnt talking about Amazon as they currently are), they seem to get A LOT more efficient as they scale the products. And I think, as like Amazon, it's due to network effects. Their data would be amazing for helping them scale and I wouldn't be surprised if it helped them choose those important acquisitions. I get the feeling some people (not saying you) don't quite understand the tech behind their platforms - when Richard says 'network effects' in his speeches it's not just a buzz word.

cheerfully,
R1