Are “unicorns”—those startups already worth more than $1 billion in the private market—overvalued? Yes, said 91% of venture capitalists who don’t have any unicorns in their portfolio. And yes, said 92% of the VCs who do.
my latest: The lesson from WeWork: The supposed brilliance of the private market may have been overstated. via
"Markets work best when they are both deep and wide, integrating sharp differences of opinion from many people into a single price at which investments can trade. Private markets, however, are shallow and narrow, despite their enormous size."
I understand the desire to pile on WeWork, but when the chart shows 80% (21/26) of unicorn IPOs have gone up in value over last 2 years, shouldn’t the title and conclusions be positive? 🤷🏻‍♂️