Interesting. You clearly have more insight than me on this. One thought on the premium to the final round... Late growth investors are still looking for 3X r

Interesting. You clearly have more insight than me on this. One thought on the premium to the final round... Late growth investors are still looking for 3X returns (Versus say 10X from early investors) and the earlier investments carry a liquidity discount. 2X is still very good, but it's not the return that will carry the losers in the fund. And yes - they should all celebrate. As should the rest of us! Every unicorn that exits reduces the backlog, and provides more liquidity for the rest of us.