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Markets are cyclical. Subscribing to such absolute views never really pays in the long run.

What's the "absolute view"? This is identifying a trend. Since it's a trend that has implications for social inequality, it's worth paying attention to and deciding whether any changes should be made to address it.

Look at any graph [1]. The cycle of IPOs goes up and down.

The "trend" pattern is cyclical.

[1] https://www.statista.com/statistics/270290/number-of-ipos-in...

You're looking at historical data to infer the future. If it was so simple you could predict tomorrow's lottery our stock movements. In reality, circumstances have changed and there little incentive to go public, there's fixed costs and public scrutiny from unsophisticated investor and bystanders. Now is not the same as previous dip.

Or... are more private companies realizing their unicorn valuations are not justified on a GAAP basis?

Wall Street is not keen to underwrite companies with valuations 20x+ revenue.

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