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Thanks. I read your newsletters regularly as they are best combo of story and stats, with superb insights. One point, the focus on revenue growth, deserves a cautionary addenda. The pursuit of top line growth by company management or by investors, can lead to the "growth trap", if I may coin a phrase. We see this in some early stage companies going public with high, but unprofitable growth. While Tesla pulled it off, many don't. When mature companies pursue growth by acquisition, two pitfalls await them. First is dilution either by increasing share count or impairing the balance sheet. More worrisome is loss of cultural coherence. The very top level becomes a portfolio manager. One level down, it's feudalism. HP and Intel fell victim to this 'death by a thousand acquisitions'.

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