LinkedIn is where people go to publicly feel "humbled" by the good news in their careers. For a humbling experience of a different kind, US growth stocks at high multiples offer a way to cry into your drink over a huge drawdown in one day.

People have become obsessed with platform businesses. There are good reasons for this, as the best platform businesses in the world are genuinely incredible investments — Facebook, Microsoft and the like. The problem is that investors are looking too hard for the next winner in this space, which means they are frequently justifying multiples that are divorced from reality...

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