The exception proves the norm.

The only major example I can think of is Amazon dot com which famously reinvested all its profits into itself for well over a decade.

The fact that investors didn't punish Amazon dot com was seen as befuddling in the press.

> Companies routinely lose money for years in pursuit of long term growth.

No, I don't think this is true at all because you used the word "routinely". I would claim it is very rare.

FAANG-like stock, in general, has paid little to zero dividends for long periods of time post IPO, their rational stock values being based on hypothetical future dividends only after the initial self-investment phase is over.

Don't most tech startups lose money for years before they maybe make a profit?

I mean, I agree that such companies are over-represented in thinking about small businesses if that's what you mean. Normal companies have to be profitable quickly for sure.

It feels like tons of companies get valued based on userbase or revenue or theoretical breakthrough rather than ever having to really think about breaking even, but I know that's just because those folks get all the press.

There's not much that doesn't befuddle the press