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I don’t think FTX is the right contrast here. This document is mostly about business realism: revenue, margins, etc.

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.

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> I don’t think FTX is the right contrast here.

Comparing this article to the (now deleted) SBF profile is night and day.

I know, my point is that I fail to see how the FTX collapse would lead them to a tone change.

> 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.

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