• I'm not sure a massive exogenous shock tells you much about whether unicorns were over valued before. Many companies will fail across the spectrum due to a factor that most investors simply don't predict for. How many companies have 3-6 months worth of overhead costs in cash reserves?

  • No one has a rainy day fund any more. I’m amazed how hand to mouth businesses are in terms of cash.
    Is it because interest rates are low so any cash is literally sitting in an account depreciating in real value?
    I’m sure it’s not so simple.

  • 101 in business schools is return cash to investors and leverage debt.

    Exceptions like the tech giants sit on piles of cash. At the end of this I imagine the likes of Amazon will be picking up distressed businesses and further consolidating dominance.

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