No, it's a mathematical impossibility.
....

True. But. Not for an investor's time horizon. In the long term we are all dead.

A tech company can start with a close-to-infinite negative net margin and get close-to-100% positive net margin in 25 years. To make money on that stock, that's all that matters. How many examples have we seen in tech? Meta, Google, NVidia to name some.

And of course during that long but finite period profits are rising faster than sales. And when they don't, the next shiny thing has already taken over, taking the baton of increasing market cap from the now-staid old world company.

You can decry growth investing because they count profit growth twice, once in increasing earnings and once in increasing P/E. They have and they do, however illogical. And they have made a lot more money over the last 30 years. Nobody knows about the next 30. Maybe it's a low interest rate phenomenon, maybe increased risk taking, but even now when economic activity should be deterred, it's not. So as someone said, maybe the 70s was a special time for value investors never be repeated again

Berkshire Hathaway FAQ

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