I think this is probably in the list of "think you (shouldn't) do anyway". If you're a normal employee with a small amount of equity, the reality is that you a

I think this is probably in the list of "think you (shouldn't) do anyway". If you're a normal employee with a small amount of equity, the reality is that you are overwhelmingly likely to not cash in big even in the event of a successful exit. If you're being paid in large part with equity, then you're probably being underpaid, not a great decision in any market. But you're right that knowing a bubble is about to pop might certainly dissuade many people from entering this kind of risky, lopsided employment deal.