I found my rental on Zillow. Imagine you could hire Zillow to manage your rental house... it's an interesting idea, yet Zillow is only valued at $11B. Why not say Zillow is $100B because that's such a cool hypothetical opportunity? Because cool opportunities need to be valued at low valuations until they're more validated, so that the investors get a 100x upside if they succeed, not 10%/yr yield as the bull case.