For decades, Wall Street has provided equity and debt funding to tech companies, allowing startups to operate at a loss until they go public or secure a big buyout. But the COVID-19 pandemic has laid bare tech companies' overreliance on what Warren Buffett described as "large doses of effortless money"—money that may not be there when things get back to normal. This paper from Smead Capital Management outlines the rude awakening that may await many tech startups.