I think the more important question is long-term interest rates. 1980-2020 is just a massive drill down in interest rates, which basically means that for the l

I think the more important question is long-term interest rates. 1980-2020 is just a massive drill down in interest rates, which basically means that for the last 40 years you were incentivized to progressively take on more and more risk and bet on growth. If interest rates go back down in the near future, then DCF math will keep startups cool. If not, and we transition to a regime where you have maybe 4% interest rates as a floor, then startups as a culture will become outdated.