So you expect HSN to continue to grow in perpetuity forever...

So you expect HSN to continue to grow in perpetuity forever without a hiccup?

That's simply not how businesses work.

Businesses have hiccups and HSN is no exception. It's how businesses deal with those hiccups that really matters and they have most certainly dealt with that hiccup. Last time earnings flattened for HSN was between FY10 and FY12. However it didn't last and over the following two years they grew revenue by roughly 30m or 53%. The year after that another 23%. They have more or less grown revenue by 20%+ every year for the past 10 years with one or two hiccups. The business is a great business and not overly large which is great because its a lot easier to grow revenue from a base of 230m than it is at 5b. HSN are disciplined deployers of capital and it does throw off a lot of cash to use for acquisitions.

They will continue to make acquisitions as pointed out above.