That, plus it seems like in the last couple of years many people got more careful about estimating the values of privately-held companies. A $100 million invest

That, plus it seems like in the last couple of years many people got more careful about estimating the values of privately-held companies. A $100 million investment for 10% of a company in its latest round doesn't indicate that it's worth $1 billion if there are liquidation preferences or other similar favorable terms. I might be misreading things, but I think that has made people more conservative about what scales of exits are eventually attainable.