Cheap Capital

“Winning in our economy has become a function of establishing a great product, establishing the perception that you're the market leader such that you can attract cheaper capital. And essentially, Overwhelm the competition with capital.”

“Having a ton of capital can also cause a form of Just sort of lazy thinking where, for example, companies that have credibly high access to cheap capital and not enough discipline or first principles thinking might end up choosing to vertically integrate or to…”