Er, cheap money and valuations are tied together. That said, what's really at issue is that funds will focus on their winners. So even if the money is still c

Er, cheap money and valuations are tied together. That said, what's really at issue is that funds will focus on their winners. So even if the money is still cheap and the valuations are still OK, the marginal and "come on, you can literally never be a profitable entity" companies are going to be sacrificed.