You are missing the fact that the amount of money tied up in the companies is growing. 2x is going in, x is coming ng out, but the missing x is still (mostly) i

You are missing the fact that the amount of money tied up in the companies is growing. 2x is going in, x is coming ng out, but the missing x is still (mostly) in there tied up in unicorns. The rate of return is dropping, but not because the money is gone, just because it's taking longer to come back.