As the market's understanding of software companies has matured, increasing numbers of investors have capitulated to higher and higher prices. Tech companies are still at relative highs compared to historical average multiples before 2021. Modern software businesses can be better businesses than most investors realize. You can make a lot less money... See more

16) Betting on everything goes mainstream. We see a new unicorn minted around the financialization of everything.

A common theme that we write about in Digital Native is “the financialization of everything.” See: r/WallStreetBets, GameStop saga, Bored ApeYacht Club, and so on.