> you’ve got a lot of correlated risk sitting on one side of a nasty liability Not only was WeWork's customer base dependent on VC money, so was WeWork itself!

> you’ve got a lot of correlated risk sitting on one side of a nasty liability Not only was WeWork's customer base dependent on VC money, so was WeWork itself! So it's really VC money going around in circles until the music stops, which is now. It reminds me of that old joke: startups are an inefficiency imposed on the transfer of wealth from VCs to landlords.