David George

But I think it's not natural to model anything that way.

It's so natural to just say, hey, this company is growing 80 percent, then they're going to grow 65, then 50, then 40, then 30, then a terminal growth rate and a terminal margin.

And here's what our numbers are.

It's very different than a company if it grows 80 and then the growth rate persists 75, 65.

It's like a three X difference in your valuation.

So you can just get it massively different.

So that's why I love high growth.

It's obvious that's the math behind why I love it.

But again, it's actually just hard to appreciate because it's not natural to build a model that way.

It's magic when you find a pull business.

So I have a post-it note on my computer in the office that says, is the market demanding more of your product?

It's the most special thing when it happens.

By the way, a lot of these AI companies, what's so magical about the way ChatGPT has grown?

It's a billion users.

It's organic.

It's all brand.

And the shocking thing about that one, by the way, is it doesn't have a network effect.

That was one of the more surprising things for us.

So is the market demanding more of your product is probably the most important question that we can answer.

Because when it happens, especially in consumer, it tends to create the most special companies in the world.