Honestly, this sounds like Monday morning quarterbacking.
When all these companies lined up and raised umpteen million dollars, I'm all but certain they were asked about their planned use of funds. Further, I'm nearly certain they said they were going to spend in order to grow their business in their chosen market. And many are doing just that. And who the hell provided them with these funds?
Maybe Fred (and Bill Gurley) should be directing their criticism at those stewards of investors' monies and consider their own part in this cycle.
When all these companies lined up and raised umpteen million dollars, I'm all but certain they were asked about their planned use of funds. Further, I'm nearly certain they said they were going to spend in order to grow their business in their chosen market. And many are doing just that. And who the hell provided them with these funds?
Maybe Fred (and Bill Gurley) should be directing their criticism at those stewards of investors' monies and consider their own part in this cycle.