I find that VC investors tend to have more of a "we invest in bull and bear markets" mentality, especially because all investments are long term investments. I

I find that VC investors tend to have more of a "we invest in bull and bear markets" mentality, especially because all investments are long term investments. I think this creates a smoothing effect. For example, during the COVID flash crash, an investor sold their stake in a VC fund, to another investor at the NAV price.