Everywhere I’ve traveled over the last few weeks, everyone asks me the same question: What’s going on with valuations in Silicon Valley? (and has the bubble burst?)I think this is the wrong question to ask. The fact is, later-stage private valuations don’t really mean that much. There’s no liquidity, and often ratchets (terms that allow valuations to be changed later) are involved but not disclosed to the public.The bigger question is whether the costs of “business inputs” are going to declin...
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