Duolingo: Great Business At A Fair Value

Dominant business with great prospects trading at around fair value.

If somebody asked me characteristics of the most promising companies, I would say two things:

• Sticky product.

• Big addressable market.

The first point should be intuitive. Companies that don’t need to create a new customer base every year have an advantage over others.

If you can keep a substantial portion of your current customers next year, and charge them…