If GAAP is the only measure, then Amazon and Salesforce have been utter failures for 20+ years, only returning 120,000% and 4000% returns to shareholders.
In fact, if an investor went by GAAP, he would have missed the entire massive SaaS boom of the past decade.
In fact, if an investor went by GAAP, he would have missed the entire massive SaaS boom of the past decade.