The market will actually tell you when you're wrong. There are a lot of investors who get seduced by a theme and they just hold on forever, waiting for the theme to play out. But the stock market is actually a very efficient discounting mechanism, and if the theme isn't playing out, the stocks will tell you.
You might also like
The striking part is not the total. It is the concentration. The money tripled while the number of deals collapsed: just 34 deals so far in 2026, against 99 across all of 2025 and 127 in 2024. Investors have stopped spreading small bets across dozens of startups and started pouring billions into the few players they believe will own the market.
Daniel Abreu Marques
The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago. That is no accident.
Warren Buffett — Berkshire Hathaway Annual Shareholder Letter
The care and intentionality is beside the point, and our confidence in such vigilance probably works against us in the long run. 'The teams using AI most carefully are the ones losing the ability to tell a good option from a merely safe one. The malformation doesn't skip the diligent. It recruits them.'
Michael