Most of the time we're picking up the pieces after a high-growth company hits the wall at 80 miles per hour, having made at least one too many investments to try to sustain an unsustainable growth rate. Public markets can actually conspire to screw companies up. When you're growing fast, you get this big P/E and pretty soon you have all the wrong investors with ridiculous expectations. You try to meet those ridiculous expectations and do things contrary to shareholder value.
Source: Value Investor Insight's Words of Wisdom
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