Tom is being disingenuous here. And he's well aware where the sleight of hand lies. The VPE today is getting more equity but the startup is overvalued and won'

Tom is being disingenuous here. And he's well aware where the sleight of hand lies. The VPE today is getting more equity but the startup is overvalued and won't exit to the public market at the save growth rate. 10 years ago, you'd get less equity but the valuation is also lower so your multiplier is significantly higher. Case and point, Peter Thiel's investment into FB at 5m valuation at today's market is likely a multi hundred million dollar valuation. Which VPE do you think is getting the better deal?