Jason Calacanis

And if you were faced with that problem in the public markets, how would you react?

And I think the canary in the coal mine are the SaaS stocks.

Yes, we jokingly call it the SaaSpocalypse, but I think it's much more important.

I think it's a big societal question.

How do you view capital markets?

How do you view the health of a company in a world where we've been told there's a super intelligence on the horizon that makes everything much more fragile than it was before?

And the market reaction is to put all these companies on a spectrum, and they started here in software, and they're re-rating everything down.

And they're changing the way that things are being framed from price to equity to a multiple of cash that you have on hand.

And I think that has huge implications, mostly to Silicon Valley and largely to employees, because we all sell the dream.

We start a company and we're like, okay, small salary, big equity upside.

But that's implicitly saying in 15 or 20 years, this thing is going to be worth some gigantic number.

But if instead every business gets disrupted every five or six years, all you're going to end up with is just the cash.

And so what should employees do?

The rational reaction from employees will say, you know what?

I don't want your equity.

Give me more money.

And if all of a sudden you do that, the valuation multiples and the complexity changes again.

So I had my team put this chart together.

Okay, what is this?

Took a handful of SaaS companies and took the MAG6s.