miles

As private markets grow and companies scale faster, late-stage private returns are matching early-stage top quartile performance; trillion-dollar private companies (Anthropic, Cursor, etc.) enable large check sizes ($500M-$1B+) with early-stage-like upside, making growth investing structurally attractive.

AI's next phase is dispersing tangible value beyond tech bubbles — e.g., an AI triage product doubled ER effectiveness at a public hospital — with massive implications across retail, manufacturing, and healthcare; green shoots in the next 12 months will shift the public narrative from risk to value creation.