What we're seeing an issue with valuations and investments. TechCrunch just did a really good piece on how a raise of $150M gave a $6B valuation with a preferen

What we're seeing an issue with valuations and investments. TechCrunch just did a really good piece on how a raise of $150M gave a $6B valuation with a preference that guaranteed a 20% return on investment to the Series E investors (at the cost to the early investors). http://techcrunch.com/2015/11/10/squares-s-1-of-ratchets-and-unicorn-valuations/ http://techcrunch.com/2015/11/10/squares-s-1-of-ratchets-and... So what we're seeing is that people are starting to re-think valuations in the face of these preferences.