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E43: The Silicon Valley Canon, Smart Contracts, and the Yen Carry Trade
"The Riff" with Byrne Hobart and Erik Torenberg
Revenue Growth Rules High Returns
High returns over a decade primarily stem from substantial revenue growth rather than margins, which tend to revert to the mean. Investing in companies that significantly expand revenue can yield greater long-term rewards, as margins cannot be consistently multiplied. Additionally, considerable fluctuations in returns can arise from investing in companies that have survived near-bankruptcy situations, indicating that short-term volatility may often be linked to their previous near-death experiences rather than consistent performance.
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