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Percentage margins don't matter. What matters always is dollar margins: the actual dollar amount. Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that.
Jeff Bezos
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Working in the digital domain, you're using approximations of things; the actual sound wave never enters the equation. You deal with sections of it, and you're able to do so much more by just reducing the information to a finite amount.
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The standard stream corresponding to Income No. 3 is constant in real terms... We ask... how much he would be receiving if he were getting a standard stream of the same present value as his actual expected receipts. This amount is his income.
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