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The skew is the point though. Startup valuations are supposed to work such that a small number of successes make up for a large number of failures. The press loves to harp on the individual cases, but all that matters for valuation is expected portfolio performance.

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Hedging is a thing in investing, yes. I do agree the press reports when businesses are perceived to not be doing well. I don't know I agree they usually point heavily to that being a venture thing. I'm still not sure much of this is the indicator of a bubble, that's all (it's a pretty boring bet?).

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