Venture Capital and the World It Lives In

Every year I give a market update presentation to both our AGM and Founders Retreat. It starts at a high level and then zooms into the private markets and venture capital; the presentation tries to look across the entire tech ecosystem helping all stakeholders to better understand what is going on and what it means to them.

This is the first time that I’ve turned it into a full article and plan on doing this every year from now on.

Based on the 35 record highs in the S&P 500 during 2025, the economy looks to be in fairly good health. The S&P 500 was up 17% for the year and markets around the world did even better with the ACWI All World Index up 22%. So at a high level the economy looks fairly strong. But when you dig deeper the picture is much more nuanced.

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