my a16z thesis is that they’re fooled by randomness and are abt to see the downside of an out-of-style system as taleb would put it.

marc invests in the best ppl building on nascent tech that looks promising but most ppl laugh at initially and say is pointless, until it discovers PMF & eats the world (like w the early internet).

gung-ho betting on new tech sectors has been v successful over the past 20yrs, but ppl underplay randomness.

not every hyped innovation will make it; defi, web3, NFTs, the VR/AR metaverse fit his ‘criteria’ but i believe they will fail to have any material impact on the world. all the biotech shit is just gonna be an avg investment, and i think most ppl overestimate how much value AI investors are gonna be able to extract.