On the Road to Recap:
abovethecrowd.com
APRIL 20, 2016
Many have noted that the aggregate shareholder value created by all of the Unicorns will vastly overshadow the losses from the inevitable failed unicorns. The same thing happened to many Internet stocks. If you over-fund the industry, aggregate returns fall. Late 2015 also brought the arrival of “mutual fund markdowns.”
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