> VCs trading insider shares at escalating valuations isn't real value. To be fair, this is your thesis, and you are free build your portfolio around it. VC’s

> VCs trading insider shares at escalating valuations isn't real value. To be fair, this is your thesis, and you are free build your portfolio around it. VC’s portfolios are built around a different thesis, and a big part of that is preferred shares and valuations. Note that both you and VCs can be “correct” (i.e. profitable) simultaneously, you’re just trading on different things.