Nothing But Net - Mark Mahaney

Don’t Play Quarters: Stay focused on the long term and ignore short-term stock price fluctuations.

Revenue Matters More than Anything: Look for consistent 20%+ revenue growth as one fundamental tell of a high-quality high-growth Tech stock…the 20% Revenue Growth “Rule.”

It Don’t Mean a Thing, If It Ain’t Got that Product Swing: Impactful product innovation is the safest bet; if you don’t see it, don’t invest.


TAMS—the Bigger, the Better: The bigger the Total Addressable Market, the greater the opportunity for premium revenue growth. Look for companies that have the potential to “pull a Google” – generate premium revenue growth from scale.


Follow the Value Prop, Not the Money: Simple fact borne out by the history of Internet stocks—over the long term, customer-centric companies and stocks beat investor-centric companies and stocks .


Valuation Is in the Eye of the Tech Stockholder: The overriding valuation question with Tech stocks should always be—does the current valuation look reasonable? And even companies with no earnings may be reasonably valued IF they can pass four logic test questions.