Jason Calacanis

And then Caterpillar or John Deere, I'm willing to pay 15 times.

I'm just using these as an example.

And what it's effectively signaling to you is how durable all of these cash flows are.

And all we do in the public markets when we make an investment is we're just guessing, when do the cash flows run out?

And we try to say, well, here's how much it's worth and here's how much I'd be willing to pay for today.

But if you go back to this example and you say, well, what if there's this super intelligence on the horizon?

I think it's fair to ask the question, what is anything worth?

And what is anything worth in year 10 or year 15 or year 20?

Because if you have infinite abundance and you have all this creativity, won't all companies be disrupted?

And won't we be in this constant churn of everything getting disrupted all the time?

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.