What are they reading?

If high price/revenue multiple companies have wide moats or strong barriers to entry, then the opposite is also true.
As a result, lower gross margin companies will trade a highly discounted price/revenue multiples.
Paul Singh Shared by Paul Singh
The poor performance of the asset class (this analysis has largely been wrong as I pointed out here –> most analyses were clumsy rear-view mirror looks at the data)
Venture capital valuations are up across every segment of the industry as can be expected by our 5-years of growth markets but they are up most pronounced in the late-stage financings where the median valuation has risen from $66 million in 2010 to $155 million in 2014 (a 24% CAGR).
Paul Singh Shared by Paul Singh
Rohit Shroff Shared by Rohit Shroff