As he explains it, “In the venture market, building has become harder. Companies take longer and longer to get any kind of material breakout, and they’re less and less likely to do so, which then means that these companies are private for 12, 13 years. But if a venture fund is to be in business, they need to raise money every two or three years. So they’re in the business of basically pumping up their companies. You show mark-to-market gains, you show fake IRR, and you raise more funds. And LPs are the fuel to all of this. They are the ones that are torching their money on fire, feeding this dynamic.”