Bill Gurley

And that was unprecedented in 100 years.

Zero interest rates for what was it ended up being five, six, seven years, something like that.

One, it postponed any VC correction, but it just created a ton of money and speculation.

And funny aside, I got invited.

I've only been to see Mr. Buffett once in my entire life, and it was a group of 20 people, and it was tied to a fundraiser.

But we got one question each, and I said to Warren, I said, you know, your DCF doesn't work if the interest rates are zero.

I said, all it does is create a lot of speculation.

And he said, you betcha, as you would expect.

So that was it.

Russia's greatness.

But anyway, there was a lot of speculation.

That amount of money that I mentioned, 275, anywhere 200 to 300, unprecedented prior to that window that companies would raise that much money.

And when they raise that much money, a couple of things happen.

I think you end up with too many participants in a single field where you would have had whittling earlier.

So that makes market expansion more difficult because there's three to five survivors instead of one or two.

When you overfund, you do everything.

There's tons of great articles and research about constraints lead to creativity and you're better off

choosing one or two primary product initiatives.

But when you have that much money, you do seven.

You do them all.