thank you so much for your detail explaination and example, anthony.
testing result with your recommendation is 1 - 3 ms (result network time 
latency in chrome developer tools)
code :
rows = db(db.company.id == 1).select(cache = (cache.ram, 10))
for row in rows:
response.logo = IMG(_src=URL('static', 'logo/%s' % row.logo), 
_width="20px", _title=row.name, _class="brand")

thanks and best regards,
stifan

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