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In 2015 there was a debate about late state valuations and one argument was the unicorn basket would outperform, even if some were overvalued. I found 39 of 61 unicorns worth $167B that have returned 130%. The 22 I didn't find worth $45B need to be up 562% to match MSFT's gain.
There were huge winners in the 2015 unicorn basket. Square, Lyft, Wish and Stripe are now valued at $86.5B vs $6.5B.

The top 30 most valuable unicorns today went from $158B to $373B, that meaningfully lagged MSFT tho.

If I'm missing any glaring names, let me know.
Couple thoughts:

Not meant to call anyone out, just interesting to look at the nums

Microsoft has had an incredible run

Its clear 2015 late stage valuations were very high. The top 10 most valuable unicorns trailed the NASDAQ by 35 percentage points through YE 2019.
But I still think it was wrong to call it a bubble because a bubble should mean something more than “expensive".

And to be fair the Unicorn basket has had favorable absolute returns. Just not relative to other potential tech investments, e.g. public tech stocks.
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