> both are likely to appreciate More than half of all startups fail within the first 10 years. They’re not just less liquid, they never experience a liquidity

> both are likely to appreciate More than half of all startups fail within the first 10 years. They’re not just less liquid, they never experience a liquidity event at all. That equity is effectively $0. The odds of any given big company going bust are dramatically lower than that. Their equity might depreciate but it’ll at least be worth something.