How I Value Growth Companies In Two Steps—And Sample Lemonade Valuation

Learning how to properly value unprofitable growth companies is a superpower.

Most of the success we had and our portfolio returns in the last three years can be attributed to two factors:

• Picking the right foundational stocks.—

• Significant appreciation of our growth positions.

Yet, even in the face of a significant drawdown in one of our foundational positions, our portfolio kept thriving.

So, we may owe this success more to the la…