Bet 2, 3 are (more or less) bets that VC will continue to overvalue companies in the presence of cheap credit. Bet 1 is what the rest of the market thinks. Altm

Bet 2, 3 are (more or less) bets that VC will continue to overvalue companies in the presence of cheap credit. Bet 1 is what the rest of the market thinks. Altman is a decent VC, so no surprise he'd "win" 2 & 3.