Patient Capital and Market Cycles
Markets run in cycles, and venture markets run in exaggerated ones. Prices for young companies swing further than the underlying progress of the companies themselves.
A cycle changes the price of entry, not the nature of the work. Companies still take the better part of a decade to build, whatever the year on the term sheet.
The practical discipline is to keep pace steady: invest through the quiet years, resist the crowded ones, and let the holding period do the compounding.