Jason Lemkin

I agree with Jason.

And this is an odd comment, odd in that you have two guests on your show, Harry, both of whom have sold something to Adobe.

Jason, as a CEO, I mean, because I was on the board of Omniture back in the day, which was the first cloud company that Adobe ever bought.

They were all about on desktop graphic tools and they didn't even have a marketing cloud and they effectively bought Omniture as that.

And I think when people were like, why are they doing it?

I thought it was very zoom out level.

When you want to make a big move, like as a big company, if you buy something small, you'll just smother it.

You'll stomp on it, right?

You want to buy something with enough critical mass and heft that it can go do its thing and not get swallowed by the machine.

If I was Adobe, buying SEMrush, provided SEMrush had some story

around what they're doing in AEO is more likely to be successful than buying Harry's little startup company and hoping that somehow it gets rolled out in the system.

Because Jason knows so much better than me.

If you don't have the customers already and the distribution, it'll just get lost in the big company.

I agree.

Whenever you pay up for these high growth companies, I can use three different words to say the same thing.

You're effectively saying, in math terms, you're saying the most recent growth rate is going to continue for a long time.

D'oh, right?

Because you're paying an absurd revenue multiple, but it's not an absurd revenue multiple if the growth rate continues for two or three years.

So you're basically underwriting growth persistence.

So next level down from that, what does that mean?