The dynamics is very similar in cheap money world to non-cheap money world. Investors always look for the best risk weighted return. Startups are risk-apetite

The dynamics is very similar in cheap money world to non-cheap money world. Investors always look for the best risk weighted return. Startups are risk-apetite constrained not money constrained. Also, it's a big employment program. Think of it like that. The central bank injects money into the system, it gets allocated based on expected risk-weighted returs (adjusted for some other factors like social hierarchy, access, ESG, etc). The formula is the same. Simple product sectors (where there are no network effects, and no other kind of moat either) are basically pay to own markets. Now in cheap money world it's an endless fight between companies with enormous warchests. Still, as others mentioned in the twitter thread there are bootstrapped successful apps (eg. todoist), but they are completely at the mercy of user preferences. When a next such app comes some of their users will switch over. Sure, maybe the market is stable enough for them to have a small slice for the foreseeable future.