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My main takeaway is that there seems to be little incentive to invest in new companies, just invest FB, Google, Lyft, Spotify, etc.

That can't be good long term for the tech sector.

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If you are looking for a steady ROI this has always been true.

You don’t invest in startups unless you’re hoping to make huge returns. Investing in FB or Google at this point will never get you 100x returns.

I see it as a difference in investing $100K in 50 startups and one gives 100X increase vs $1million in 5 companies all giving like 50% increase. The risk/reward for more medium-large companies is far too appealing these days to avoid

Perhaps so, but it's a reflection of the opportunities, or rather lack thereof.

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