There was a time — not long ago — when profits were optional. If a company could tell a convincing story about total addressable markets, network effects, or “platform transformation,” investors lined up. Earnings? That was a problem for the future. Cash flow? A footnote. Free cash flow? That was for dinosaurs and dividend investors who still used spreadsheets instead of vibes. And then something shifted. The growth premium — that magical multiplier investors were willing to pay for companies promising explosive expansion — began to compress. Multiples shrank. Excuses evaporated. Suddenly, “adjusted EBITDA before stock-based compensation” didn’t feel like a warm blanket anymore. The market rediscovered something radical: Cash matters. If you’re investing in a post-growth-premium world, the rules have changed. Not entirely — but meaningfully. And if you’re still chasing narrative without examining cash flow, you may be playing yesterday’s game. Let’s talk about what investing loo...
Why Slower Growth Doesn’t Mean Slower Returns There’s a certain romance in hypergrowth. Explosive revenue curves. Total addressable markets measured in trillions. CEO interviews that include phrases like “paradigm shift” and “category-defining platform.” Wall Street loves a rocket ship. But rockets burn fuel fast. And eventually, gravity wins. Meanwhile, over in the unglamorous corner of the market, something quieter happens every day: companies grow up. Revenue expansion slows. Margins stabilize. Capital allocation becomes more important than market domination. Narratives shift from “disruptor” to “incumbent.” The market often responds with boredom. And boredom, my friends, is where opportunity hides. This is the world of mature but mispriced companies — enterprises that have decelerated but not deteriorated. Businesses whose best hypergrowth days are behind them, yet whose cash flows, assets, and competitive positioning still justify far more respect than their multipl...