You Can't Be Open Minded Enough in This Investing Environment

I had lunch with the commercial real-estate king of Arizona yesterday and we were talking about all the things going on in the world - interest rates, regional banks, work from home etc. I asked him what he saw in the tea leaves for the future of commercial real-estate. He told me "In my 40-years of doing this I have absolutely no idea what is going to happen.

I found his perspective on the present venture market highly refreshing, as it echoes my own. Given the various shifts we are experiencing, it's crucial to consider factors such as where valuations may fall in light of the current interest rate environment, or what the future of cloud growth holds in a contracting economy. Additionally, the emergence of platform shift to AI through LLM raises questions about how companies will be established and funded.

These are questions that have no answers. I've never been as curious and eager to learn as I am now. As a wise investor recently said on a podcast, now I am more open minded than ever.