"But I’m a bit sick and tired of the objective of every operating plan I see is to get the business to a point where it can raise money at a much higher price."
Don't worry, the capital markets will enforce discipline sooner or later. With Fed hikes inbound, it'll be sooner rather than later. Even without the hikes, the stock market has stopped going up without QE (hasn't moved in seven months), which is increasingly crushing the ability for high valuation private companies to accomplish the big exits they require (which is why the IPO market has gone dry). I get the impression Fred is more or less warning his portfolio, and leading future would be pitchees.
Don't worry, the capital markets will enforce discipline sooner or later. With Fed hikes inbound, it'll be sooner rather than later. Even without the hikes, the stock market has stopped going up without QE (hasn't moved in seven months), which is increasingly crushing the ability for high valuation private companies to accomplish the big exits they require (which is why the IPO market has gone dry). I get the impression Fred is more or less warning his portfolio, and leading future would be pitchees.