Does Netflix's Long-Term Potential Justify Its Stock Price?

Netflix (NASDAQ: NFLX) management recently wrote in a shareholder letter:

We anticipate negative [free cash flow] to accompany our rapid growth for many years.

As with many high-growth companies, Netflix places less emphasis on current profits and earnings, and instead, shareholders must look to the future to justify the company's nearly $80 billion market valuation.

Source: Fool.com