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@martin_casado argues we've had the causality of private markets backwards: more capital actually grows the TAM
"There's always been this weird meme in venture, which is it's kind of not much of an asset class. There's only a few companies. You can't deploy a lot of money in it. Which has often been very weird to me to have this zero-sum thinking from people whose entire job shouldn't be zero-sum thinking."
"One thing we're learning is you actually can take large amounts of capital in private markets and deploy it and get the returns. Companies are staying private longer and accruing a lot of value that way. These models consume a lot of money, and they turn that money into growth."
"There's two conclusions you can draw. One is there's a new technology wave that can consume more capital, and it's a result of a technology wave."
"I happen to think causality goes the other way, which is if you put more money into private markets, it actually grows the TAM, and companies don't need to go public as quickly. Companies can do more privately."
@a16z