The Mutual Fund Mark Down

For months now, a debate has raged on Twitter about the health of the late-stage, pre-IPO market for investing in startups. Many believe its overheated. Fueling this view, Fidelity, an active pre-IPO investor, recently marked down investments in several pre-IPO high-flyers.
As Marvin Gaye asked, “What’s going on?”
Prior to my nearly two decades as a VC in Silicon Valley, I spent a few years on Wall Street. I can briefly share my perspective to answer Marvin’s question.

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