True, but we are having a lot less IPOs lately: We see companies with valuations well in the billions, venture backed, that aren't IPOing. We are seeing non-pub

True, but we are having a lot less IPOs lately: We see companies with valuations well in the billions, venture backed, that aren't IPOing. We are seeing non-public companies writing contracts with dual-trigger RSUs because options have become completely worthless. So while it's still possible to raise capital by printing stock, this is happening less and less lately.