but sadly, it has no relationship to investing.
it's an epitaph to a way of thinking about wave that failed utterly.
in this view, the technology architecture is the only thing that matters. crystallisation of the architecture into a functional money-making machine is an afterthougt.
and this is why the company has failed. the spragueheads float above the ground without ever touching the earth. losses don't matter. dilution doesn't matter. cash flow doesn't matter.
all that matters is the idea.
it's romantic. but it isn't what we call investing. for that, you need the asset to generate income that justifies its expense.
sprague couldn't monetise wave's system. nor could he allow others the scope to do so.
he needed to go.
doesn't make him a bad person. just not a person who can delegate. and therefore not one who can run a company.
also, he was paid a ridiculous sum.
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