Bill Gurley

And seeing across systems, it's not easy.

It's a difficult thing to do.

But as we dive in, I think a lot of the components of the industry are bouncing into one another.

And it's the...

aggregate effect of all those things that's super interesting.

And so you have to step back and look at it from far away.

And then I also want to qualify up front that I offer no judgment on any of their participants.

There are people and firms taking action that change the state of the field.

And I think they're all acting reasonably and in their best interest.

The aggregate effect may not be positive for the world, but I'm not ascribing malintent

or anything to anybody.

And I want to clarify that up front.

So if you'll allow me, I'll start to dive in.

I want to walk through a handful of market realities as I see them.

So in the first part, I don't really want to think too much about analysis, but just highlight a bunch of things that if you're in the VC market, and by the way,

I think what we're going to talk about is important to VCs.

It's important to founders.

It's important to LPs, anyone that touches the ecosystem.

This is super high level stuff.

So let me walk through the realities and then you and I can chat back and forth about some of the interpretations.