Hi Francois. Thank you for your attempt at interpreting my article. Unfortunately your two statements are wrong.

If you knew a bit more about corporate history, you would understand that, in the past, profitability was a fundamental parameter to value and analyze businesses. In today’s private markets, this is not necessarily the case.

Nowhere do I state that ‘profits can stay away forever’. This is your erroneous interpretation of my argument. Nowhere do I state that ‘long-term viability doesn’t matter’. All my piece argues is for private investors to make money, they do not need to concern themselves with the long-term viability of their portfolio assets. The reason for that is that private investors will have - they hope - sold out by the time the viability aspect will have been demonstrated…or not.

I hope these points are now clearer to you.