To be fair, it was true when they said it, it just didn’t remain true and they kept on keeping on.
The idea of not turning a profit was to keep reinvesting it into the company. Growing the business. This “eat it all and figure it out later” mentality grew Amazon, Google, Facebook, Twitter, just to name a few.
The goal was to become dominant so that the world depends upon your existence. Without being labeled a utility.
You and I agree though that the moat has been carved pretty wide. The market is no longer a free market. It’s a “I must play to stay” market. Meaning that all these companies are depending on each other for specific goods as they have crushed competition to the point where there are, at most, 2 choices.
The idea of not turning a profit was to keep reinvesting it into the company. Growing the business. This “eat it all and figure it out later” mentality grew Amazon, Google, Facebook, Twitter, just to name a few.
The goal was to become dominant so that the world depends upon your existence. Without being labeled a utility.
You and I agree though that the moat has been carved pretty wide. The market is no longer a free market. It’s a “I must play to stay” market. Meaning that all these companies are depending on each other for specific goods as they have crushed competition to the point where there are, at most, 2 choices.