The writer is founder and chief investment officer of Verdad AdvisersAfter about a decade of significant outperformance culminating in a Covid boom, technology investors faced a sharp reversal this year. By the end of June, Nasdaq was down 29.5 per cent and the Goldman Sachs Unprofitable Tech index was down 52 per cent.
Yet one corner of the tech market was strangely unaffected. The US Venture Capital index compiled by Cambridge Associates was down only 12.5 per cent through the end of June (the last available data).
This gap between private markets and public markets is the largest since the bursting of the dotcom bubble more than two decades ago.
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