Wherever the vest disconnected from having a viable or profitable or useful product to invest in is where this whole shitshow of nontechnical people ruling over engineering serfs started. Roughly it went from search to ad networks to social graphs to crypto to NFTs to AI to vibe coding (with a physical side in jacking blue collar jobs in delivery, taxis and hotels), all driven by each 4-year crop of unimaginative business school frat boys piling on the last, as if they had been hazed into the delusion that they were smarter than the engineers they would hire and dispose of to get around the pesky laws. Now we're in the third generation of investors infused with the idea that one can grift indefinitely that way, the way that say, anyone who bought a house in California between 1946 and 2007 was guaranteed to make a fortune sitting on it. What we have run out of is people with non-derivative ideas and the actual skills to implement the same. To the extent that AI is just massive IP theft that might let the boys club continue to build the garbage they're currently choosing to build, by recirculating what has been done before, it's clearly a dead end. But they won't go down without a fight. What's so strange to me is, as a nerd boy born in 1980 in California, I definitely did not expect in the late 90s that the yuppies of 2025 would be even less original and more rapacious than their parents. That's what's been most disappointing about the first quarter of this century.