Jamin Ball on SaaS valuations: 6-25X NTM (next twelve months) revenue, based on growth.
Bryan Caplan: “What motivates businesspeople? While the full answer is complex, the basic answer is clear: Money. People run businesses to get richer – and ideally, to get rich. And whenever I get a small taste of the challenges businesspeople overcome, not to mention the disrespect they endure in our society, I have to say that businesspeople earn every penny. As someone who definitely does not want your job, entrepreneurs of the world, I thank you.”
Milton and Rose Friedman: “Another fallacy seldom contradicted is that exports are good, imports bad. The truth is very different. We cannot eat, wear, or enjoy the goods we send abroad. We eat bananas from Central America, wear Italian shoes, drive German automobiles, and enjoy programs on our Japanese TV sets. Our gain from foreign trade is what we import. Exports are the price we pay to get imports. As Adam Smith saw so clearly, the citizens of a nation benefit from getting as large a volume of imports as possible in return for its exports, or equivalently, from exporting as little as possible to pay for its imports.” [via CafeHayek.]