I love quotes like this:

they were never Groupon revenues in any meaningful sense of the word. But, optically, Groupon revenues look high — which they use to raise a financing round at a high valuation.

The idea that investors aren't able to fundamentally understand that 50% of revenue walks out of the door is just insane. I've raised a bit of money in my life and never once did I run across an investor who wasn't far better at understanding my own financial statements than I was.

It's not so much commentary on the article itself, but it shows a supreme lack of understanding of how the whole fundraising process really works. Surely Jose already knows that?