alt Hacker News> at $156B market cap someone sure is making money.
So 50x Pets.com or 2x Enron.
> judging a mega-corporation on lemonade-stand level accounting is a fool's errand.
Disagree. Unit economics matter and can help you cut through a lot of hype and nonsense. "Where's the money coming from?" is always a good question to ask. Sure, sometimes a megacorp loses money on each transaction and makes it up on float or whatever, but that's at least worth knowing if that's what's going on.
Agree due diligence is required. FTX, Theranos, Enron are a reality. But it’s also tempting to color the assessment with virtue.
Im morally against Meta but it’s the world’s greatest money printing machine ever conceived. To say they or Uber don’t make money would be too virtue-tainted.