when the music stops

History shows some of the best opportunities come in bad times, not good ones.Though we’re not in the business of prediction here at Stonks, in the words of Lord Byron: “The best prophet of the future is the past.”Put simply, if public/crypto market turmoil persists, early-stage valuations may well drop ~30% or lower (i.e.below levels seen merely a... See more

And reset they must. When you look at how much median valuations were driven up in the past 5 years alone it’s bananas. Median valuations for early-stage companies tripled from around $20m pre-money valuations to $60m with plenty of deals being prices above $100m.

One result of this past tech cycle was a view that companies needed to build hyper complex ponzi schemes of ambition in order to accumulate capital and be valued. This led to a variety of shooting stars that never realized their main goal.

Another view was an insane amount of value ascribed to hyper-narrow features masquerading as companies, leading... See more