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I appreciate this newsletter, Jamin, particularly bridging private<>public valuations to ground our thinking. On first principles I agree with this post- the challenge is neither side (founder<>investor) has incentive aligned to having this hard convo. Founders admitting lack of PMF is a death knell and investors lose their call option in the portfolio plus have to actually help unwind a business which is not in the kurtosis side of the distribution and therefore spending any time on it is wasted.

It follows that if you want to see this happen- it would take some sort of real catalyst. Have you looked into how an Altimeter “zombie fund” could work?

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Hey Jamin, thoughts on All-In podcast comments from last week stating eventual price and margin compression on software given that companies are substituting software for creating internally? Specifically high cost software. I´m curious in your take and what you see in the market getting disrupted short or medium term?

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