Virtually no one in the industry does it better than Mary Meeker and team, which is why I set aside time each year to read the memo end-to-end. This year, I attempted the nearly impossible task of distilling the 334 pages down to just my 10 most essential slides.

As part of a sweeping, 887-page tax bill passed by Congress on December 18, risk-taking entrepreneurs and investors who create jobs through building businesses will now be rewarded for their efforts with lessened tax burdens…