#7: Elon's X game and RIP seed investing
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The Future of VC
I think the entire seed through late stage capital markets last 10 years organize themselves around the premise that you could kind of churn out unicorns, right? At some predictable clip that would be valuable. And I think what you realize is you churned out a bunch of companies that are worth less than capital invested and unable to ever make a profit or never will. It's like using the platforms that exist in leverage. It can get really big now. It doesn't need a bajillion expensive engineers. Boy, why would you want to build it forever? You're dividend? How are you getting paid? I'm paying for a moment. But then guess what? Because tech platforms are sweet
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