“And that’s true even if everything’s gone crazy—even if it seems like anyone with half a pitch deck is getting funded. Like how it was in 1999. Or how it is right now in 2022. The world of investment is cyclical. The funding environment is always shifting back and forth from a founder-friendly environment to an investor-friendly environment. It’s like the housing market—sometimes it’s good for sellers, sometimes for buyers. In a founder-friendly environment, there’s so much money flowing into the marketplace that investors will fund just about anything because they don’t want to miss out on any deals. In an investor-friendly market, there’s a lot less capital to go around, investors are pickier, and founders get worse terms. And then sometimes there’s a crazy market when it feels like cash is raining from the sky, all the rules have been thrown out, and it’s never going to end. But it will end. Just like it ended in 2000. There’s always a reversion to the mean.”