I've Invested in a Subscription Business Because of This

This way of thinking about what the true numbers should be versus what the reported numbers are, this has sort of changed my investing philosophy. And i've invested in in a subscription business because of this. Even even a few years ago, i don't think i would have invested in that business were it not for writing this thread and er these follow up discussions, and reading professor marberson's work and so on. It's as simple as good going through the income statement and looking at the sales and marketing figure and research and development,. The difference between the two is essentially what's being spent on intangibles.