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Do you guys know how much money Facebook, Amazon, Google, and Microsoft raised combined total before they went public? That's very small. And then on top of this inefficiency, I don't know if you're seeing this, they were all profitable when they went public. On top of all this inefficiency is a dependence on venture debt. The amount of focus on adding debt to unprofitable companies over the last five years has been just extraordinary.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode