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Hi Alexandre! Sharp and interesting piece as always.

2 areas of debate for me:

- "the inventory of great targets in North America and Europe has decreased": why in your opinion? I'd say that the share of tech in the GDP is growing, and there is a creative destruction process at play in the industry, hence in the end great targets are minted regularly (even for models that are not part of the VC model)

- "growth over profitability" + "quality over quantity" + "synergies over decentralization" = isn't the answer a growth PE fund with a build-up strategy in vertical SaaS? Not sure you need to keep your companies forever to benefit from a data feedback loop.

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