Re: Lily's counter eexamples
Let's see
Facebook - not publicly available yet, and the press release shenanigans so far reek of price manipulation for Zucherman's benefit, particularly given they have no visible income stream to support their business model.
LinkedIn - okay, they've at least made it to publicly available. While they potentially have a revenue stream to support them, I still haven't seen anything indicating they know how to tap it let alone having it support the company.
Workday - never heard of them.
Palo Alto Networks - sound vaguely familiar, but odds are I'm miss-remembering something from the 1990s.
So, no; he doesn't have a valid counter-example in that list. Doesn't mean he's wrong, but I'd expect him to put up something valid if he's trying to refute.
I expect Bilton is overstating his case, but that doesn't mean it isn't a problem. The heart of the issue is how much of a problem. Neither Bilton nor Lily seem to have a handle on that.