Anecdotally, there have been 2-4 partial washouts in the last 12 years of “bad” companies. However each time this came up, new money came in and saved the day.

Anecdotally, there have been 2-4 partial washouts in the last 12 years of “bad” companies. However each time this came up, new money came in and saved the day. Bubbles have been called since 2013, in 2016 Uber, Lyft, and Wework all started looking shaky. The big crypto rumpus each resulted in a crash. Now, the problem is that if you took the pessimist view at any of these times - you’d have missed the big “wins”. But now we have 100 Billion dollar companies which may not be viable businesses. Few to none of the unicorns ever went down.