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It's been a painful 18 months for investors across the board, but particularly for those who have leaned into high-growth businesses.

The only consolation one can take is that bear markets don't last forever. They are part and parcel of market participation. There are also, I believe, a lot of opportunities for long-term investors. Some absolutely wonderful businesses are now trading at a fraction of what they were just a few months ago. 

Does this mean that every business that is down 90% is a screaming buy? 

No, but there are potentially great buying opportunities, which is what we're all here to try to uncover. 

This week I'm taking a look at one of those businesses that could be a multibagger over the next 5-10 years. That business is Asana (NYSE: ASAN), which, as I write this, is trading down 87% from its 52-week highs. That's the kind of fall one would typically expect to see if the company's entire business model had come off the rails.

Asana develops workplace collaboration software and was founded by Dustin Moskovitz and Justin Rosenstein in 2008. Moskovitz was a co-founder of Facebook -- not the one played by Andrew Garfield in 'The Social Network', the other one. It was while at Facebook that Moskovitz and Rosenstein developed an internal collaboration tool called Tasks, and, realizing its potential, left to start Asana. 

Instantly, we run into a problem here -- a problem we've had to deal with before...