Andreessen Horowitz is trying to build a publicly ownable security that represents all things in technology. Their ultimate goal is for Andreessen and Horowitz to monetize the equity of Andreessen Horowitz. The business was highly levered to a boom cycle, but now they're going to have massive vacancy because everyone can leave. They signed a lot of top-of-market leases at $100 plus per foot in hot markets. It didn't seem to have a lot of financial discipline.

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