Feld Thoughts

FEBRUARY 9, 2016

Once again, as we find ourselves in the middle of a significant public market correction, especially around technology stocks, there’s an enormous amount of noise in the system, as there always is. I started investing in 1994 and while there was some bumpiness in 1997 and again in 1999, the real pain happened between 2000 and 2005.

Cap Table 70

Cap Table Down Round Liquidation Preference Founder 70

Ben's Blog

JULY 16, 2013

What about the efficient market hypothesis? Aren’t markets rational? If markets behave rationally, one might expect the ratio of price to earnings to be reasonably stable over the period (click here for complete data set). 3/31/1999: 49.7. Because markets are not logical; markets are emotional.

Down Round 78

Down Round Marketing Preferred Stock Post-Money Valuation 78

Ben's Blog

JULY 16, 2013

What about the efficient market hypothesis? Aren’t markets rational? If markets behave rationally, one might expect the ratio of price to earnings to be reasonably stable over the period (click here for complete data set). 3/31/1999: 49.7 Because markets are not logical; markets are emotional.

Marketing 46

Marketing Preferred Stock Post-Money Valuation Down Round 46

abovethecrowd.com

APRIL 20, 2016

Why the Unicorn Financing Market Just Became Dangerous…For All Involved. These mutual funds “mark-to-market” every day, and fund managers are compensated periodically on this performance. With the public markets down, these groups began writing down Unicorn valuations. 2015 was the exact opposite.

IPO 40

IPO Term Sheet Silicon Valley Valuation 40