David George

I would do it in a heartbeat.

And oh, by the way, we used to have this debate at GA.

I think that's way less risky than something where you're buying a 12% grower in PE for 15 times EBITDA.

In a weird way, it's less risky because growth just takes care of so much for you and de-risks so much for you.

I think above 30% growth, the market still doesn't fully value the growth rate.

Why is that the case?

I think it's just hard to model.

My conclusion, I've studied all these companies that are, I call them the model busters, but I've studied all these companies and it is just so hard for any investor to build a five or 10 year model where high growth persists.

It's just not natural.

No one built a financial model for Google or Visa that had them growing 20 years into existence at 15 or 20%.

It would just be totally unnatural to do so.

If you look at the moment of the iPhone, and this goes back to the point about product cycles and how much you can get surprised.

In 2009, if you looked at consensus estimates for Apple,

and then compared for 2013.

So 2009 consensus estimate for the year 2013, and compared it to actual performance in 2013, consensus estimates were off by 3x.

That's a massive number.

And that's the most covered company in the world.

So I think you can be surprised on growth on these things.

I get a big kick out of that.

I try to learn a lot about it.