Valve Employee Handbook (2012) [pdf]
Something I don't understand about Valve – the company has been around since 1996 and essentially controls the PC gaming industry. It has the dominant digital distribution platform (taking a 30% cut of all sales), a catalog of very popular games, several hardware plays (VR headset, console, linux box) and 135+ million active users. It enjoys a cult like standing among fans. Why then is its estimated valuation as little as $7.7B (from https://www.bloomberg.com/billionaires/profiles/gabe-newell/...)?