> <i>The healthiest thing that could possibly happen is a dramatic increase in the real cost of capital and a return to an appreciation for sound business execution.</i><p>In which we'll start another cycle in about 4-5 years promoting "growth growth growth" and do the same thing over and over again. We're on track for our 3rd 7-year cycle (1995-2002, 2002-2009, 2009-2016), so if you're an entrepreneur and you time it right, the next 1-2 years is the best time to start because exits will be best around 5-6 year mark.
This essay is important. Many terrific insights into the distortion in the late-stage private markets. But also really strong language. Hearing a GP at Benchmark say 'This “you are so lucky to have this opportunity” pitch is eerily Madoffian' is astonishing.