we have an increasing amount of evidence that yes, they are overvalued.<p>Look at two things: long delays IPO-ing, and very poor performance of the 2015 cohort of tech IPOs.  It&#x27;s hard to avoid suspecting that companies would IPO if they could, and a large part of the reason they haven&#x27;t is having to release to the public audited financial reports conforming to GAAP standards.