“I think you’re going to see a lot of failure in 2015,” says Benchmark Capital partner Bill Gurley, who sits on Uber’s board of directors. “If you’re a public company worth $3 billion and your stock trades down to $1 billion, you can survive it because you can still issue options to hire new employees, etc. If it happens when you’re private, though, it becomes immediately harder to hire or to get incremental investment.”
— The Age of Unicorns – Fortune
The vast amounts of money piling into the high-risk world of VC should scare the hell out of you. Especially if you have a pension that’s being invested in it. The need for vast returns is inflating company values, and it’s not sustainable. Something has to give.