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This tweet sums it up pretty well, even if you want to replace crypto with PE:

"QE turned your savings account into your checking account, the bond market into your savings account, the equity market into the bond market, the VC market into the equity market, and crypto into the VC market.

https://twitter.com/joemccann/status/1181582031790067713






PE is definitely far more structured and reasonable than the VC market.

Holding periods are also much longer for PE than VC, with some holding for 30+ years.




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