[001sky]

"There's a lot less liquidity"

The entire sequence of events since 2009 has been driven by artificial liquidity support. While consumers may not have acess to credit, VCs are overflowing with cash, and so are many other types of high-net worth and institutional money sources. This creates an odd and un-even playing field, and I think your comment may simply be revealing the view of one hand on the elephant rather than an objective assessment.