Depends on the valuation. If much of the upside is already baked into Snapchat then there's a lot of downside risk (hence the downside protection that these in

Depends on the valuation. If much of the upside is already baked into Snapchat then there's a lot of downside risk (hence the downside protection that these institutional investors are demanding). I wouldn't touch Snapchat at that valuation with anything more than spec funds. I certainly wouldn't view equity comp as valuable.