[gphil]

Yeah, I wouldn't rule out the possibility of structural problems--we've never seen this phenomenon before so it's hard to say how it will turn out.

I was just trying to point out that it's not impossible for the current crop of unicorns to produce big enough winners to outweigh the failure of the rest.

I'm definitely skeptical that this will happen though, because the winners would have to be really big (hundreds of billions in actual market cap in the public markets) in order to make up for the really big failures.