Excellent post; I missed Cobie's long reads. The chart with the "public market begins" line hit particularly hard. It reminds me of an anecdotal story — a few months ago, I was at a party with some crypto friends. I met one guy who was maybe 25 years old but had already made a lot in the last cycle. I asked him what his approach to investing was, and he told me that now he only invests in private rounds - as early as possible. He argued that even if the project is mid and goes down after listing, you still make about 10X. Seems like it was very close to the truth.
Yeah. They (VCs) are pieces of shit and if you accuse then of wrong doing, all you‘ll get is some financial nihilism take on how you‘re a loser and „why don‘t you do it yourself.“ I hope this post and the spreading of this information brings more sanity to investors who are currently being dumped on due to information asymmetry. Sometimes I hate this greedy fucking industry. Not everything is about money