&gt; This fact alone strongly implies that prices will always inherently have an upward bias; it&#x27;s actually quite difficult to conclude otherwise.<p>Eventually it can get corrected, though, right? But as a sharp dislocation when fundamental reality percolates through as a wave of down valuations and shutterings, I suppose.<p>On this view, you&#x27;d want to short-sell the whole VC market if you could. This isn&#x27;t possible directly, but maybe there&#x27;s an indirect way? I&#x27;m reminded of how people sometimes place directional bets on &quot;the hedge fund industry&quot; as a whole by taking long or short positions on a basket of publicly traded companies that provide back-office and accounting services to a large percentage of hedge funds (e.g., NASDAQ:ADVS, NASDAQ:SSNC), and whose fortunes therefore rise and fall with the hedge fund industry&#x27;s -- maybe one could construct some indirect play like that for VCs?