同意强调“指数级机会”的重要性。 不同意“收入不重要”这一观点。 如果我们要深入讨论科技行业的经验教训，那么所有那些早期呈现指数级增长的指标，最终都体现为收入——只不过需要十年以上的时间来累积巨大网络效应、吸引与之匹配的资本与人才，并将这些价值充分变现。 同意互联网使“一切事物皆可形成市场”成为可能，也同意金融基础设施应该像发送短信一样触手可及。 真正的错位并不是是否要有估值指标， 而是——把华尔街为特定用户细分市场服务的公司（即便是增长最快的科技公司，用户数也通常止步于 10~20 亿）制定的估值倍数范围，套用于旨在满足全球 55 亿人口所有经济需求的金融基础设施上。 Agree on emphasizing the importance of seeing exponential opportunity. Disagree on the position that revenue doesn’t matter. If we want to expound on tech learnings, all of the exponential early stage metrics ultimately manifested in revenue - it just took a decade or more to accumulate enormous network effects, capture their associated capital and talent formation, and monetize the heck out of it. Agree that markets for everything are actually possible on the internet, and that financial infrastructure should be as finger tip ready as a text message. The dissonance isn’t having a valuation metric - it is in thinking that Wall Street multiple ranges derived from companies that target a subset of needs for some customer segment (even the exponential growth tech companies max out at 1-2B users) also apply to financial infrastructure that serves every economic need of 5.5B people.
观点原文
同意强调“指数级机会”的重要性。
不同意“收入不重要”这一观点。
如果我们要深入讨论科技行业的经验教训，那么所有那些早期呈现指数级增长的指标，最终都体现为收入——只不过需要十年以上的时间来累积巨大网络效应、吸引与之匹配的资本与人才，并将这些价值充分变现。
同意互联网使“一切事物皆可形成市场”成为可能，也同意金融基础设施应该像发送短信一样触手可及。
真正的错位并不是是否要有估值指标，
而是——把华尔街为特定用户细分市场服务的公司（即便是增长最快的科技公司，用户数也通常止步于 10~20 亿）制定的估值倍数范围，套用于旨在满足全球 55 亿人口所有经济需求的金融基础设施上。
Agree on emphasizing the importance of seeing exponential opportunity.
Disagree on the position that revenue doesn’t matter. If we want to expound on tech learnings, all of the exponential early stage metrics ultimately manifested in revenue - it just took a decade or more to accumulate enormous network effects, capture their associated capital and talent formation, and monetize the heck out of it.
Agree that markets for everything are actually possible on the internet, and that financial infrastructure should be as finger tip ready as a text message.
The dissonance isn’t having a valuation metric - it is in thinking that Wall Street multiple ranges derived from companies that target a subset of needs for some customer segment (even the exponential growth tech companies max out at 1-2B users) also apply to financial infrastructure that serves every economic need of 5.5B people.
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