【oneday_onepage】——Growth Is A Bitch

Companies are worth a multiple of their earnings and that multiple is directly related to earnings growth rates. When you are growing rapidly, you are worth more.

But living forever and growing forever have something in common. You can't do it.

I was talking to the CEO of one of our portfolio companies that has grown at close to 100% per year for the past five or six years yesterday. And we lamented about the law of large numbers. Growing at 100% a year when your top line is in the billions is a lot harder than growing at 100% a year when your top line is $25mm.

Of course, you can come up with new lines of business, new hit products, or make acquisitions to keep on the growth treadmill. But recognize that is what you are on. You can and will become a slave to it.

Startups and their rich uncle pennybags (VCs) are particular slaves to this drug. We build and finance companies that are designed to grow and grow and grow. That's how we create wealth, jobs, and impact. It's a fantastic ride that I cannot get off. But these rides do slow down and even end sometimes. And that's a bitch.

增长就是个贱人。

一个公司的价值体现在他的直接盈利和其发展姿态上面。如果你发展的够快，公司的价值就越高。

但是就像得永生一样，永远增长是不可能的一件事。

昨天我和我们投资公司的一个CEO聊了关于他们公司每年增长达到百分之一百，一直持续五六年。在聊天的过程中，我不禁感慨，在数十亿的基础上增长百分之百远远比在25美分的基础上增长百分之百要困难的多。（在公司不断的壮大的情况下，一直增长百分之百是一件相当困难的事情。）

当然，你可以提出新的业务线，新的具有冲击力的产品，或者通过一些收购行为推动公司的发展。  但是你必须认识到一旦陷入公司增长的节奏，你就会成为他的傀儡。

我们创建并投资的就是那些能不断增长的公司。这就是我们怎么创造价值，工作和影响力的方式。这就像一个奇怪的旅程，让我不想下车。但是总有一天会慢下来，甚至会结束。这就是令人讨厌的地方。