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If you are investing in e-commerce companies, now would be a good time to jump ship. The vast majority of companies have been burning cash for years chasing growth. They achieved growth, but no profits. By what mechanism?
These companies acquired new customers like drunken sailors...justifying more capital infusion by pointing to growth in top line AND conjuring up fantastical lifetime value forecasts. Those public companies have also fooled investors with questionable accounting practices.
One major marker of fraud is treating ordinary expenses as *investments*. Treating advertising as an investment is what charlatans promote.
