Agreed. I think tech valuations for single-product start-ups underestimate the competition and risk if substitution. I mean valuations imply too much top line g

Agreed. I think tech valuations for single-product start-ups underestimate the competition and risk if substitution. I mean valuations imply too much top line growth and margins on businesses that might see their revenues drop or fail to grow and have poor cash flow. For example: Twitter, Snap. I also know first hand that valuations for urban mobility and real estate tech companies are really wild.