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One of Silicon Valley's most anticipated tech presentations is a big downer

With four words, Mary Meeker summed up a key concern whispered by venture capitalists, analysts and tech employees in recent months: “Easy growth behind us.”
The stark statement came 37 slides into Meeker’s famous annual 200-plus slide presentation about the state of the Internet and tech industry, published online Wednesday.
Meeker, a partner at the prominent venture firm Kleiner Perkins, typically uses the report to highlight the most exciting trends and growth opportunities. This year, however, the presentation was front-loaded with cause for concern. 

In one jarring slide after another, Meeker highlighted slowdowns in smartphone growth and internet growth — once core drivers of

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