&gt;Companies need to have real revenue and produce real profit and then need a valuation based on sane multiples.<p>I wonder how many unicorns lack these criteria. Only Twitter has the discipline of public markets. If it doesn&#x27;t deliver, public shareholders get burned.<p>If unicorns don&#x27;t deliver, private investors get burned, but where do the losses go? VCs, founders, employees, as well as some family offices, banks, university endowments, pension funds...where else? And I sure am curious about the exposure of these last three groups.