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I really liked your article! Especially the first paragraph. In the "The Trader (Pricing) View" section, I was disappointed that you continued referring to value, especially with respect to a fickle measure such as number of users.

"The key variable in explaining differences in value across companies is the number of users."

Your conclusion was very rational, and I agree that fundamentals will matter (sooner or later), but I wish you had taken a stance instead of being so balanced. Very un-trader like of you :)