Wayfair (W) is not being valued on anything asides from a 'growth story'. Consequently, I have purposely avoided discussing its lack of sustainable GAAP profits or even focusing on its balance sheet.

I have squarely aimed my analysis at trying to ascertain what its near-term growth rates could be. And whether shareholders have a positive risk-reward balance at present.

What I find is that all the good news - and then some - are already priced into its share price.

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