Ben Horowitz

Look, I think...

You know, some of these things are, you know, the whole moat is the code and the UI, and I think that's a difficult position to be in right now, for sure.

But there's a lot of companies...

One, like most of the new companies, like nobody's coming in with like new SaaS companies at this point.

Like people kind of know like, okay, that's not that defensible.

Like, you know, you can build it and so forth.

So that's not the new idea.

So then if you go to the old ones and you go, well,

You know, are they all dead like Wall Street thinks?

I think, you know, not really.

So, like, I'll just give you one example of a company that I'm on the board of.

So, I'm on the board of a company called Navon.

And Navon is like a software travel agency for businesses.

So...

You know, in a company, your biggest kind of variable expense is travel.

So you need to have, like, very tight policies around it and so forth.

And then to build a travel company, you actually need to have supply chain relationships with customers.

Not every airline in the United States, but every airline in the world, every hotel in the world.

And like if you scrape their websites and do that kind of thing, they literally cut you off.

They send you a cease and desist and they sue you and like you're out of business instantly.