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Lot's of points to dispute:

Slides talk about S&P IT but no one is concerned with IT public market valuations (at least relative to the rest of the public market). The concern is with private tech market.

Slides talk a lot about how the amount of funding is justifiable but the question is whether the valuations are. Lower amounts of funding do suggest there is less at risk, however.

How do you reconcile slide 37, which suggests that fund raising is as difficult as ever, with the widely held view that money is flowing freely today.

You can't own an index of unicorns (slide 32)


you can own an index of unicorns if you are an LP in a16z :)

No, you can own some unicorns but not all of them or something that represents all of them. I suppose you could invest in the top 5-10 VCs but in either case you would also own a bunch of non-unicorns. It would be like saying you can buy an index of CPG companies by buying the S&P500.

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