Thanks Andy. I think this thread has had some good information in it.
He sold others when he saw the growth slowing (Shop) or when he thought they were losing customers (TWLO).
Sure he did, and others often do the same thing. I know I may think “OK…P/S of 24…growth rate of 75%…I can go for that.” However when sales slow, there is customer attrition, or the losses widen, we think “I am not going to pay 24 P/S for 40% growth!” And that is a valuation judgement.
When we decide to put our money on another horse, that is a valuation judgement.
I apologize if this has taken us into the weeds of semantics, but that is the way I see it. I won’t post again on this, but thanks all for chiming in.
Jeb