De-risking


"It started a little over ten years ago, and I’ll give you Uber as an example. 

"Before they went public, Uber had only ever lost money. Billions and billions of dollars. And yet, their investors were still able to make billions of billions of dollars in profit by making this thing public and recouping that money on IPO day. That is different than everything else in the prior history of the industry. What they figured out was if you tell a great story, and, importantly, if you get a legal monopoly, which Uber and Lyft basically did, you can print money kind of without regard to whether it ever makes sense as a business or not.

"So that’s been a pattern with everything that’s followed, whether it’s crypto or AI. This isn’t even venture capital anymore. Venture capital means you take a risk. High risk, high reward. If there’s no risk, that's not venture capital."

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