> Q1 of this year was a down quarter for USV and we expect we will see additional markdowns in Q2. But our markdowns have not been as steep as the decline in th

> Q1 of this year was a down quarter for USV and we expect we will see additional markdowns in Q2. But our markdowns have not been as steep as the decline in the Nasdaq over the last six months. That is because we maintained a conservative bias throughout the last few years and resisted the efforts of some to get us to behave differently. So they are pretty sure that their portfolio of companies outperformed the diversified collection of 100 established companies in the Nasdaq in the last 6 months. I am not sure this is the win for conservative valuations they claim it is.