Slack: The Bulls are typing...

Slack made the opposite trade. They gave up some speed, but they’ve built in network effects and switching costs.

Of course, all of this is really just describing the difference between high gross margin and low gross margin companies. These can both be perfectly ‘good’ companies (“there’s no such thing as a bad company, just a bad price”), but you have to remember the difference, and it’s surprisingly easy to forget. People really did think that Facebook woul... See more