Also - his argument that earlier stage rounds are not in a bubble gets watered down with every late-stage round that accepts a liquidation preference because th

Also - his argument that earlier stage rounds are not in a bubble gets watered down with every late-stage round that accepts a liquidation preference because those inherently make the earlier stages less valuable (except of course if whatever the company does with the late-stage financing adds enough value to the company to offset the dilution, but with 2x or 3x liquidation preference at late stage it's hard to imagine that being the case).