Horace, as usual, makes some very astute observations. I’ve noted this effect with other technology firms that consistently design, build, and market innovative products. The stock market only values currently shipping products, rarely does it value the culture and process of the enterprise that allows it to consistently create something new and valuable.
The premise of the stock market today is therefore that being innovative in technology is meaningless. Innovations are valuable but there is no such thing as an innovation process. If there was such a thing then we could measure it and put a number of its value. Until then innovation is nothing more than a spin of the roulette wheel.
via asymco.com
Plumbing Notes 