Can you explain the mechanism where it is a tax loss and show where Fidelity has used it? That sounds like a gotcha, but I&#x27;m genuinely curious if it is clearly the case that they can recognize a tax loss here.<p>I think the mark down mostly does two things. It allows Fidelity to honestly inform their customers what they hold, and it signals to the startups that things aren&#x27;t necessarily going the way Fidelity would like to see them go.