I think you're going to see fun life cycles go back to what they were. The one area i have seen it play out yet is in the true, like, preceeded seed valuations. A lot of seed investing is done by people who haven't been through an entire cycle and that math is not intuitive to them. Your six x seed fund becomes X very fast when your entry point price is like 20, 20 po so i have not seen it.

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