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Today's premium newsletter is about how the JOBS act and endless growth-driven greed is killing venture capital, with terrible returns and inflated valuations leading to a logjam of unsellable companies. The AI bubble has made things much, much worse. www.wheresyoured.at/premium-vent...

Pre-JOBS act, private companies over a certain size had to do quarterly reports like a public company, forcing them onto the markets at lower valuations that allowed regular people to capture the actual value. Now VCs make them wait as long as possible. www.wheresyoured.at/premium-vent...

To understand this story, you need to understand that VC isn't in the business of backing startups. Most of the money goes to mid-to-late-stage companies. Although the size of seed rounds has grown, their share of the dealmaking pie hasn't. www.wheresyoured.at/premium-vent...

And while growing round sizes has juiced valuations, it's also made exits far more elusive, to the point that 28% of all exit values of the last two years came from Elon Musk's companies acquiring other companies, mostly with stock. www.wheresyoured.at/premium-vent...