katerra shutting down

Failures are inevitable, there are sometimes even massive failures. But the way the VC world operates, a few massive wins subsidize and more than make up for the losses. Son's net worth is only increasing, doubt he is losing sleep. 

I get that, my point was more that the entire VC "business model" is a giant game of musical chairs that stops and bankrupts everyone playing the moment interest rates go up.  I'm not so sure Son's net worth is "only increasing," though I guess once you've made your first several hundred million it hardly matters.  You can only piss away billions of dollars so many times before it actually becomes prohibitive to returns.

VC funds are fundamentally distorting markets, and not in "good" ways.  Look at Uber.  That is a company that may never be profitable, and that's a success story.  I feel like the emphasis on growth to the exclusion of all else is causing bad businesses to come into the market and making it harder for good ones to stay in.  My GC has to be profitable to stay in business, whereas one backed by a startup doesn't.  What happens to the industry when my GC goes bust from the competition, and the next Katerra of the world hangs on a few years longer only to fold under it's inevitable lack of profitability.  That's decades of experience down the drain that makes it harder for people to build shit, since all the GCs are out of the market.