mare fodor

AI agents collapse seat count needs, breaking seat-based pricing (Zendesk). Companies with transaction-based revenue (Kantox, Enbat, GuruSub) or proprietary data accumulation (Ecostars) maintain defensibility. Valuations reset from 20x to 5-6x revenue creates entry opportunities.

Truffle and nut cultivation require 5-10 year horizons; technology (soil sensors, irrigation control, climate monitoring, spore inoculation science) reduces binary failure risk and enables yield optimization from 0 to 300kg/hectare.

4Founders exploits capital misallocation: AI hype inflates AI valuations and starves good non-AI businesses, making them cheaper. Historical precedent: e-commerce had 12 unsexy years between hype cycles but built real value. Fund selects SaaS with data moats or transaction models.

Tech entrepreneurs allocate to 8-14 year illiquid assets (truffles, oxen, hotels) as 'fan investment' and 'nostalgia therapy' — opposite risk/return profile to venture (long horizon, capex-heavy, tangible). Provides lifestyle returns (bbqs, chuletones) plus inflation-linked cash yields.