LVT Expenses, page-86

Many people would say "But that's a one-off, Amazon. For every Amazon, there are 99 other companies who started off on those metrics that failed."

I'm glad you mentioned the other SAAS companies. Companies like Salesforce, Slack, Atlassian, Dropbox, Paycom, Twilio, Tableau, The Trade Desk, Xero ... they're all on huge sales multiples, spending a lot on their staff.

For tech companies, unlike other more traditional-style companies who have to spend on huge CapEx, you're only spending on 3 things:

a) Your people (who are the actual drivers of value in today's knowledge economy)
b) R&D (which again... is created by the wages to pay the people above)
c) Sales and Marketing

Also, those are great questions VMK.