How about the rash of companies going public and, within 6 months, trading for well under the price of their last round? And yes, I understand pseudo-ipo round

How about the rash of companies going public and, within 6 months, trading for well under the price of their last round? And yes, I understand pseudo-ipo round investors get protections such as a ratchet that make it reasonable for them to pay more than it would be worth in the open market, but this nonetheless is pretty bubbly.