Part 2/15:
The conversation opens with reflections on the late 1990s, a period marked by extraordinary hype, chaos, and exuberance in Silicon Valley. Martin Casado, a General Partner at Andreessen Horowitz, recalls the vivid signs of the dot-com bubble burst: limousines abundant at parties, taxi drivers offering stock tips, and even janitors demanding to be paid in equity rather than cash. These anecdotes serve as stark reminders of what a true bubble looked like—chaotic, speculative, and disconnected from fundamental value. Casado emphasizes that current Silicon Valley, despite some exuberance, lacks these overt signs. The market has shifted, and the environment today is more disciplined, though the underlying dynamics remain complex.