Nortel syndrome takes over another would-be Canadian giant (what do I mean by that? read up on the crazy behavior of the bubble era Nortel; for Shopify there will be a pre bubble valuation crash era and a post valuation crash era).
Just because they’re Canadian doesn’t mean they’ll be Nortel. Nortel had one money making division and a bunch of money losing ones. Gross mismanagement ended them. Shopify looks very different than Nortel (or Blackberry) did.
