Is the Hair Cut in the Private Markets Going to Begin?

I don't think a single thing in the last quarter has changed in the underlying fundamentals of the majority of businesses that are public. The one thing that hasn't changed is what you're willing to pay in the future for the private businesses. I just want to point out, there's a huge disincentive for an investor or shareholder of v c or a private equity firm to take a big right down on a company like that. To take a right down on 900 unicorns is going to cause a right down of hundreds of billions of dollars.