Saying "even investors like A16Z" haven't seen it glosses over that A16Z, founded in 2009, is a babe in the woods as a venture firm, and has not been through ev

Saying "even investors like A16Z" haven't seen it glosses over that A16Z, founded in 2009, is a babe in the woods as a venture firm, and has not been through even a single cycle yet. (Not ragging on them, but lots of these things go in cycles of 8-12 years or more and if your firm is 7 years old you may well have never seen the tough times. And as Buffett likes to say, it's only when the tide goes out that you see who's been swimming without trunks)