This is a clear example of "survivorship bias." As Wikipedia defines it, survivorship bias is "the logical error of concentrating on entities that passed a selection process while overlooking those that did not." 2 Netflix is an outlier-far more companies failed along the way. Meanwhile, Dropbox has pursued efforts like Paper, Dropbox Spaces, and now Dropbox Dash. One could fault us for failing to fully appreciate these challenges upfront, and we think such questions are fair; however, this issue became increasingly evident as we progressed further into our original DCF analysis over time.