BalloonBlowup Flipkart is valued at $ 10BN in 2014 :  2013 head line  “…Flipkart revenue growth 5X as loss doubles”. AirBnB valued 20 times sales at $13 BN; WhatsApp, not been able to charge a dime for its service valued at $19BN. Dropbox and Uber and many more visited by the same fairy.

Footfalls, hits, sticky hits and traction . Words that would make Warren Buffet cringe. When Berkshire Hathaway invests in Coke, it is because coke sells. Not because someone walks into a Coke store, or looks at a Coke bottle and holds it in his hand for a few seconds –not even if the customers line up for Coke that is given away at half the price. Buffet invests in coke because Coke sells – to young and old, today, yesterday and the day before. That is it.

How can intermediaries – FlipKart, Uber, AirBnB who don’t own assets be more valuable than asset owners ? How do  losses translate to valuation? Can you picture old Buffet picking up stocks of the trucker who delivers Coke at 3 times the valuation of Coke !

Maybe it is only me who can’t see the logic. Or is the game about the balloon getting bigger and bigger from angel, to seed and a series of VCs finally left to explode on the poor soul at the end of the IPO line …

Who can understand these new age games