As shares of private companies are not floated and traded on a daily basis, the data points would be hard to collect.<p>Some venture firms have access to information on some companies, but it&#x27;s unlikely that one party has all information on all involved companies.<p>Moreover, many valuation drops are simply not documented due to negotiating parties disagreeing on price and then parting their ways. As there&#x27;s no investment event, there&#x27;s no valuation peg to declare it a down round, just the sentiment, which is what author is trying to convey.