Doesn't PG use a pretty conservative mechanism for valuing companies? If I remember correctly, he has said that there a significant number of YC companies that

Doesn't PG use a pretty conservative mechanism for valuing companies? If I remember correctly, he has said that there a significant number of YC companies that he simply doesn't include in the value since there is no reliable mechanism for valuing them. Relevant quote: "either because they died, got acquired, or sold stock at a specific valuation."