It’s been a good time to be in the VC and startup business and I think it will continue to be as long as the global economy is weak and rates are low. The disc

It’s been a good time to be in the VC and startup business and I think it will continue to be as long as the global economy is weak and rates are low. The discounting is what's propping up the market. It's a strange phenomenon in that the market is betting that earnings will hold or grow, but the economy will be weak enough to discount future cashflows at a low rate. This is why signs up recovery that suggest tightening cause the market to tank.