The 'crash' won't be so much a function of how well earl stage companies are doing. It's a function of the IPO markets and overall investor confidence. If the

The 'crash' won't be so much a function of how well earl stage companies are doing. It's a function of the IPO markets and overall investor confidence. If there are a few big IPOs, it will create excitement and money will keep coming. "The money is not there anymore" - it definitely is. Even without some IPOs to keep the animal spirits going - the big difference between this and the last few VC 'corrections' is that now we are in a permanent era of low interest rates - and - money from around the world is finding it's way into the Valley creating a surplus of cash. This is a secular change, and it's the 'new normal' at least for now. As long as there are pitches, there will be money. I suggest a correction is coming of some kind, but it won't be a huge drawback, like the kinds we've seen before.