[fredoliveira]

You should be comfortable hearing a sentence such as that. Horowitz is clearly generalizing, but a great company will always make a return on investment. Obviously in this particular case Groupon is going to give investors a smaller return now than it would have 6 months ago, but it's still a winning strategy. Great companies keep growing - which is more than a good reason to invest.

[eru]

Depends. Even great companies can be too expensive. But the stage doesn't matter, like Horowitz said.