VC moat discourse is justifying 2-and-20 fees, argues AI founder debate
matt_slotnick · x · 2026-10-25
Matt Slotnick argues the modern AI moat discourse is mostly a way for investors to justify 2-and-20 fees by convincing LPs they can pick preordained winners from market position — less true than ever. Quoted Glean CEO Karr Saarinen notes moats never made a castle impregnable; they only buy time, and will persist as long as people are involved.
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