A quick note I jotted while on a call in 2020 or 2021.

What seemed obvious & misunderstood in the moment (a VC bubble), became reality in 2022/2023.

We are seeing the unintended consequences of a 🌎 driven by reckless VC deals/valuations.

The relentless gobbling up of businesses forced price increases + exponential hollow “growth” at the expense of pricing out the middle and lower class.

All to create a bunch of empty unicorns, for a few dudes to pound their chest, and to satisfy 3-5yr Excel exit models. Spreadsheet math and astronomical multiples got us to the point where we are… bank failures.