Today’s market is sleazy. Sharp elbows are out. Grifting is in. Everyone sees a huge prize, and they’ll do anything to get it.

Inside Today’s Overheated Market

Late 2025 feels a lot like 2021. 

It’s not just the high prices. It’s people trying to screw each other. It’s bending and breaking the truth. 

When the mania peaks, it feels like money is falling from the sky. All most people care about is grabbing some.

Working together is out. Selfishness and short-termism are in.

So Much For Working Together

During the down market, we worked together.

It was hard to get a company funded. Investors cooperated to make it happen. Founders were grateful for investors that were still writing checks, so they worked with us.  

Now, companies get funded in a day. Founders have no reason to treat an investor like a partner. 

What for? There are 20 others waiting to take his place.

Finding the Diamonds in the Rough

During AI mania, I’m looking at other corners of startupland, trying to find something unloved.

This summer, I invested in a social media startup. Remember social media? I also put a small check into a company that 3D prints houses out of concrete. 

Instead of ripping a check into a $100 million seed round in a B2B agent startup, I’m meeting a medical tourism marketplace raising at a fraction of that.

Time to Pull Back? 

Here’s another thing you can do in a hot market: nothing.

Look at the pricey investments done in 2021. Clubhouse, BeReal, Hopin, all struggling or gone.

Harry Stebbings of 20VC said he wishes he hadn’t done a single deal in 2021. We have that freedom. 

If this mania continues, I may make fewer investments next year. 

Wrap-Up

When I first invested in a Generative AI startup in June of 2022, no one gave a crap about AI. 

ChatGPT hadn’t come out yet. NFT’s were the hot play. 

The next big thing won’t be what everyone is rushing toward today.

I’m still going to invest in some great AI startups. But I’m also going to scour every neglected corner of this market. 

In those corners, I will find something great.

More on tech: 

Meet My Latest Investment: Verustruct

Meet My Latest Investment: Mozi

Yes, You Can Angel Invest $5k Direct

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