IPOs are currently facing a downturn due to a combination of unfavorable market conditions, rising interest rates, and economic uncertainty. Many companies are delaying their public offerings, leading to a significant slowdown in the IPO market for the foreseeable future. Investors and companies alike are adopting a more cautious approach as they navigate these challenges.

The article discusses the importance of conviction in contrarian investing, emphasizing that successful investors often go against prevailing market trends. It highlights the need for thorough analysis and a strong belief in one's decisions when taking unconventional investment positions. Additionally, it explores the balance between being a contrarian and recognizing when to adapt strategies in response to changing market conditions.

Gil Dibner responds to Sam Lessin’s 2025 update on the venture capital landscape, highlighting the shift from a factory model to a regatta model where startups navigate funding with varying time and capital. He agrees with Lessin's observations on the fragmentation of the VC market and the emergence of new investment strategies, while also critiquing some of Lessin's more provocative statements about software and the SaaS model's viability. Ultimately, Dibner suggests that venture capital is returning to its uncertain roots, where the most promising investments are often those that break the mold.

Crypto liquid funds have experienced significant losses this year, prompting a shift towards high-quality tokens and fundamentals rather than momentum. Investors are narrowing their portfolios to focus on a select few assets with strong fundamentals, as market conditions push for more cautious strategies in the volatile crypto landscape.