Sam Jacobs

It's going to be worth roughly $100, $105 million.

And I said, wow, OK then.

And that was the beginning of

of a different period of evolution for us.

And again, coinciding, we had good growth in 2021, but for the last couple of years, the growth has slowed a little bit, and I've made a number of strategic errors, I would say.

But also, it's been emblematic of the times, I think.

So what are we talking about in this world?

Well, in a world of growth at any cost,

investors control the company largely, right?

So what is the shift that's happened over the last couple of years?

The shift that has happened as we've begun to focus on efficiency, when you're burning capital and when you have 0% interest rates, what do 0% interest rates represent about future cash flows, right?

Fundamentally, if you go to finance class, you'll learn that companies, there are multiple ways to value a company, but the essence, the foundation of how to value a company

is discounting all of the future cash flows back to the present day, right?

And what happens when you have 0% interest rates, when you have free capital, is that the optionality of future cash flows, even in years 10, 20, 30, are equal to the value of cash flow today, which is why it made sense in the old world to burn capital so aggressively.

Because if even there was a chance at realizing some kind of outcome in years 10, 11, 12, 13, 20,

Right, all of those years, those out years where you were making a bet on the future, all of those years were effectively worth the same as the years today.

Now that's not historically true, right?

Historically true is that interest rates themselves discount the cash flow so that cash in 10 years is not worth the same

as cash today.

Cash today is worth much more than cash in 10 years.