It doesn't seem right. Toast (NYSE: TOST) has had a monster year. It has boosted its guidance following all three quarters this year. The popularity of its platform -- a point-of-sale cloud-based solution for restaurants that does so much more behind the scenes -- is booming. It was one of the leaders in Thursday's market rally, but the closing price of $20 finds it trading for exactly half of its $40 IPO less than 14 months ago. 

There are some cruel lessons here. Sometimes a steady drum of beat-and-raise quarters doesn't snare the market. Sometimes the acceptable valuations for high-growth but profitless speedsters contract. Sometimes a company can do nearly everything right and still fail to impress investors. 

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