Real Estate Money School

In today's market, AI valuations are expanding faster than fundamentals can justify. Companies with minimal free cash flow are being priced as if dominance is already secured.  Capital continues to circulate between venture portfolios, strategic partners, and ecosystem incumbents, reinforcing growth narratives that assume liquidity remains abundant. But markets don't reward narratives forever. When growth slows or capital tightens, the question shifts from projected upside to structural durability. Does the business generate real cash? Does it control proprietary data that compounds value? Is it positioned to be acquired or forced to sell? This is where discipline separates operators from spectators. Daniel Nikic has spent years operating inside early-stage capital markets, studying transaction patterns, portfolio structures, and acquisition behavior. From that vantage point, valuation is less about headlines and more about capital flows, strategic adjacency, and who holds liquidity when cycles turn. In this