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He raised cash when valuations were astronomically high and he didn’t spend a single dime.
The company “Illumin” is growing faster than The Trade Desk but without the inflated sales multiple. The legacy business is in decline which explains why y/y comparisons often appear flat or close to it. Once the majority of revenue becomes Illumin, you will see strong sales and earnings momentum on a year over year basis.
Deep down inside Joseph knows what I’m saying is the truth. He won’t admit it.