the "cheap investment [that made a lot of modern software possible] is residual from the ZIRP era, which lasted roughly from 2008 to 2022. ZIRP is shorthand for 'zero interest rate policy,' which made it cheap to borrow money, and therefore strategic for LPs (limited partners) to fund VCs that could make big bets on startups whose returns might outperform the stock market"
Daisy Alioto's quick summary, on Substack