The biggest takeaway from this piece is the stark realism of this article (maybe a bit too bearish, imo) compared to the usual Sequoia VC-speak. Maybe FTX did teach them something, after all.
VCs did get burned by speculative investing in the 2019-21 period but FTX wasn’t like the others. At the time of its collapse, FTX was profitable and had $1+ bn in revenue, its doom had nothing to do with product market fit, revenue, margins, etc.
Quibi might be a more relevant example of a learning opportunity.
Comparing this article to the (now deleted) SBF profile is night and day.
> Maybe FTX did teach them something
The new tone is all about business fundamentals and the FTX collapse had literally nothing to do with business fundamentals. If this is the lesson they learned they learned the wrong lesson.