&gt; Already we can see that the public markets can’t possibly absorb all the unicorns at their current prices.<p>Is there any evidence to back up this assertion? Seems to me that companies are voluntarily choosing to stay private, not that public equity markets can&#x27;t handle the unicorns. (edit: Or is he saying that unicorns are overpriced because private investors value these companies more highly than public equity market participants would?)<p>All in all, business models that can&#x27;t handle marginally higher financing costs probably weren&#x27;t all that healthy to begin with. Rising rates should shake out the weaker hands, in a form of creative destruction.