The protection that preferences provide is so important and so often ignored by the media and general public.

Imagine if you could buy Twitter stock today at $50, with the guarantee that if the stock went below that, you'd get your $50 back. Would you buy? I would, for sure. I'd even be willing to buy at $100: it's all upside and no downside. Does that mean that Twitter is worth twice its current valuation? Of course not.

How do you think DST got into all those hot deals?