> When the Revaluation of 2016 hits, it will be harsh and immediate. That's where we disagree. It's hard for a private market to have a quick correction, espec

> When the Revaluation of 2016 hits, it will be harsh and immediate. That's where we disagree. It's hard for a private market to have a quick correction, especially since (a) VCs can't completely shut down, they'll just be much more aggressive on valuation and (b) many/most unicorns have huge war chests. If they see the market has turned against them, they'll slow down growth and extend their runway to prevent having to raise another round. > If only I could short them This is one of the biggest factors which prevents a collapse. Only bulls get to set prices: bears don't have a market mechanism to express their opinion. When investors become more bearish, we'll see a slowdown in funding—but not a "harsh and immediate" crash.