It seems inevitable to see massive burn outs though at the later stage rounds in a year or two. Surely even the hedge funds will see the failure to gain tracti

It seems inevitable to see massive burn outs though at the later stage rounds in a year or two. Surely even the hedge funds will see the failure to gain traction soon enough when these companies need another $10M for a Series N+1 in 12-18 months, at which point one can expect them to either fade away or sell for pennies on the dollar. In that case the PE firms and HFs are the losers and things are mostly contained elsewhere in the overall ecosystem. And with the $10's of billions in cash companies like Google are carrying on the books, that leaves a nice buffer to contain the damage.