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Like many tech companies today (Grab, Sea, Spotify etc.), they are operating on borrowed time. They need to quickly pivot to a new durable growth, profitable business model, before their existing moats erode away completely and their multiples get rerated appropriately.
âIf you buy a business just because itâs undervalued, then you have to worry about selling it when it reaches its intrinsic value. Thatâs hard. But if you can buy a few great companies, then you can sit on your ass. Thatâs a good thing.â - Charlie Munger
