ss was quite the sales guy when it came to uneven information. he knew stuff we didn't, including that the pipeline was full of dead leaves while he tried to lead us investors to believe it was full of liquid gold.
so we had no sensible explanation from ss about why his products mostly met much the same response. but we were able to measure the market's scope. and to see that ss had to spend a lot more than he made to deliver revenue. and thus that the business model required relentless dilution.
because of this, we know or most of us know there was a problem.
one can say "i dunno why wave kept losing money." one can ignore it. and one can try to piece together a sensible narrative from the facts that we do know. some explanations don't work for me. but scaleability - when we know that wave was customising eras all the way through bp - seems like a decent explanation to me.
but i am not bothered if folks who use a different process derive a different conclusion. if you are troubled by the discrepancy, you might reasonably consider whether someone's high altitude process derived an accurate analysis previously. or whether they have changed their way of deriving conclusions.
one thing is certain. you can never change anyone's mind.
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