Given current 50x multiples and high valuations for unprofitable tech companies I don't think there is much evidence that that current stock markets are unable

Given current 50x multiples and high valuations for unprofitable tech companies I don't think there is much evidence that that current stock markets are unable to value long term ventures. As well the extent to which a company is expected to deliver quarterly results is more defined by their board and capital structure than anything in inherent to NYSE or the NASDAQ.