Many private companies are seeing the market and wondering what it means. Here are some thoughts on how to navigate this. Anything useful is based on the experiences of my teammates at Sequoia and the incredible founders who have survived/thrived in all markets: 1/ This is a correction: The MS unprofitable tech index is down ~65% since Dec 21. That is a big drop but it brought multiples to historical averages. No one knows where markets will go but current multiples are much closer to durable reality than what we saw the past two years.