1/ there's lot of VC "inside baseball" on what's going on with startup valuations.
in short: VCs are SHITTING their pants over existing portfolio while same time SALIVATING over potential "more reasonable" (LOWER) valuations for new deals.
anyway here's my take on next 12 mo's:
Guessing that right around now is the time in the cycle that younger VCs will learn that there can be a huge gap btw unrealized values/mark-ups and actual returns/DPI. Mark-downs, lack of secondary buyers, no exit in sight are realities of the business. Winter is here/coming. 😊