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I'm a big believer in visualizing success. I was a late bloomer, but Mom always told me to picture myself as the largest land mammal in North America. Now who's the size of a small pickup truck? This buffalo.

Margins, Not Margarine

Margins, Not Margarine

“But we weren’t profitable at all. In fact we felt like we were burning cash as fast as we could just to handle the growth – it’s expensive to give users a fast experience with lots of features, pictures, video. We needed more computer storage and power and stuff. We knew at some point we’d be profitable – roughly speaking, we thought we’d have two ads on a page which would sell for a fraction of a cent each. In the normal media business, inventory is sold on a ‘CPM’ or cost per thousand basi...

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