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Is 3.5% a Bad Idea?
When rates are not zero, there is just a lot of excess that you can't support because the alternative trade-offs for investors are plentiful. And plowing money into a money-losing startup becomes less attractive. That's why we're never going back to the bubble of 2021, where SaaS companies were trading at 100 times ARR. We're going to go back to an environment like a more normal one, where valuations are more like the 2017 valuation.