VC Exemption

Venture capital firms like Sequoia, Excel and others that have now changed their status as just private companies are dabbling in public equities. This means they see more opportunity in public, underpriced tech stocks, growth stocks than they do in late stage private companies. Saks: I think it's probably overblown because Sequoia created that fund that is a hedge fund. And Andreessen Horace became a registered investment advisor so they could buy public security. But look, I can't explain why the market did what it did today. The economic news was just another really bad report.