A point to emphasize on my other comment: Valuation is not remotely related to GDP until there is an IPO. Startup valuation on pre-profit businesses is domina

A point to emphasize on my other comment: Valuation is not remotely related to GDP until there is an IPO. Startup valuation on pre-profit businesses is dominated by the greater credit and bonds performance. Hopefully the impact radius of the inflated valuation coming back down to realistic levels is contained to private capital and not the whole country’s 401Ks.