[wcarss]

> What possible value is there for entrepreneurs of a secular reduction in valuations?

If the valuations were just speculative, then it could represent a return to a world where cause and effect and value are more rational, which is theoretically far better for a smart investor/entrepreneur to participate in than something between a game of craps and a ponzi scheme.

I don't mean to assert that any of that is reality, but that's a possible avenue for value to be found in a reduction of valuations.