Luca Ferrari

Very good return in a short period of time, but at a tiny scale.

And then

That 20 went into a couple other acquisitions and maybe turned into 40.

But again, similar nature.

So small product, amateurishly built.

Certainly no institutional investors.

No investors of any sort.

Definitely no professional management teams.

Typically one person.

Yeah, exactly.

In parallel, we also launched a handful of products from scratch, learned things.

Because if you don't acquire almost anything because you've got no money, you're also not learning.

So we were trying to learn, hopefully make some revenue.

We had a couple of mild successes, enough that it extended our runway.

So many small things like that, and we kept adding and compounding.

But slowly but steadily, 10K turns into 20K and 40 and 80 and...

We've been compounding at pretty fast rates.

If you look at our per share revenue or EBITDA growth over the past four years, where we are a decent scale, it's about 1.3 billion this year.

It's still about 75% per year.

We're still compounding pretty fast.