Same logic as angels and venture capital... you don&#x27;t buy for profit, you buy for growth. As long as their <i>growth</i> numbers are great, profit numbers don&#x27;t have to be.<p>In 2012, they lost $85m. In 2014, they lost $154m. How much bigger are were they in 2014 relative to 2012? If it&#x27;s more than 2x (and I have no doubt it is), they&#x27;re on the right track. If they&#x27;re 5x bigger, they&#x27;re doing fantastic - revenue growth is outpacing red ink growth by a healthy margin. That means sooner or later, they&#x27;ll not only be profitable, but tremendously so.<p>Square is a category-killer, in a key category.