Which bags were the public left holding? There have been a lot of very easy wins for investors picking up VC-backed companies in the public market. If all you did is just spray around some diversification at prominent tech IPOs, you've done extraordinarily well over time.

Since IPO:

Shopify? $28 to $754

ServiceNow? $25 to $361

Alibaba? $93 to $199

Splunk? $36 to $149

DocuSign? $39 to $119

Teladoc? $28 to $188

Atlassian? $27 to $175

MongoDB? $30 to $194

Square? $12 to $73

Twilio? $26 to $187

Workday? $48 to $153

Veeva? $44 to $195

Zoom? $62 to $167

Facebook? $38 to $205

Palo Alto Networks? $53 to $215

Okta? $23 to $177

Wix? $17 to $166

Wayfair? $32 to $183

The Trade Desk? $27 to $292

Coupa? $29 to $205

RingCentral? $18 to $283

Zendesk? $15 to $73

Zscaler? $33 to $75

PayPal? $34 to $143

CyberArk? $30 to $96

Proofpoint? $13 to $115

Qualys? $13 to $101

Smartsheet? $19 to $52

JD.com? $20 to $47

Anaplan? $24 to $40

Zillow? $26 to $46

Roku? $26 to $117

Or more recently:

CrowdStrike? $58 to $76

Cloudflare? $18 to $27

Fastly? $24 to $36

Maybe they're holding one of the older bags.

Fortinet? $8 to $137

Tesla? $20 to $790

Salesforce? $4 to $169

Baidu? $8 to $95

Netflix? $1 to $438

Google? $50 to $1,349

Oh the horror.

Groupon, Singulex, etc. you're survivor biasing on those who actually did well.

Several of these sucked the lifeblood out of other income streams, which is just money redistributed not value added.

Several broke regulated public utility or near utility functions like housing and transport.

Some are just scofflaws (uber, Airbnb)

Many are extra territorial trans national tax avoidance

These left and right columns distort the actual net effect on the economy.

Sure: my pension fund will be in all of them

All of that may or may not be true, but the claim was that VCs pumped and dumped the companies on hapless investors, which clearly isn't the case.

blue apron?