I'm more skeptical of WeWork's culture and valuation than most, but I will give them credit for creating the best quality product in the market. When I need co

I'm more skeptical of WeWork's culture and valuation than most, but I will give them credit for creating the best quality product in the market. When I need conference or office space in various cities I don't compare WeWork to Regus, I just find the nearest WeWork space and book there. Our portfolio companies do the same. For people who travel often, there is a subtle network effect that provides value. Regus is irrelevant in this sense, and irrelevance can be particularly deadly for valuation. Perhaps Regus can re-invest into their brand to become competitive - and I hope they do, because more competition would be healthy.