This market repricing can only be temporary (at least in nominal terms), because where else would money go? For decades interest rates have been shrinking, making fixed income a safe investment. That’s not the case anymore, interest rates are on the up, where should money flowing out of the stock market go? You are going to see more sector rotation within the stock market, rather than money flowing out of it.

Today’s world depends on tech to an incredibly high (and increasing) extent. Eventually that will be reflected in market valuations.

The venture capital industry today has a much more mature and robust structure than even 5 years ago: the structure of the funds, the fund commitments, the size of the funds and the management companies. They are much more resilient to market moves than in 2000.