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The Valuation Hierarchy Is Backwards
The next GLP-1 trade may be real. But the prices investors are paying for Veradermics, Absci and Cosmo tell a much stranger story.
The $900 Billion Prepayment
Anthropic may become one of the largest companies ever built. That still does not make it worth $2 trillion today.
The Clearing Price
Airtable grew revenue 20% and sold for 89% off. The argument left is not whether $3.8 trillion of private equity reprices — it's how fast, and who absorbs it.
The Market Has Started Sorting Platform Businesses by What They Cost to Defend
Growth stopped being the answer. Defensibility is the new multiple.
Stop Measuring Product-Market Fit. Start Measuring Macro-Economic Fit.
Execution is now a commodity. Your metrics should reflect that.