>The reason people/investors are moving to startups, as I see it, is that other assets are riskier than we thought Quite the opposite as I would see it. There

>The reason people/investors are moving to startups, as I see it, is that other assets are riskier than we thought Quite the opposite as I would see it. There has been very few places to get a return on capital other than in equities. These crazy valuations are a product of that. When the market sentiment transitions from return on capital to return of capital in 2016 (as it's looking to be getting there), then we'll see these valuations drop. >The difference is that oil doesn't enjoy the same upside of startups But they will share a similar downside. Oil is the canary in the coalmine, and downward pressure on its price has broad impact.