Investors should avoid anchoring to the high valuations seen in the recent bull run and instead re-underwrite businesses based on long-term trends.

“the biggest mistake we will all make is to anchor ourselves to prices that we saw in the world over the last 18 months pretend you never saw them not in venture not in the stock market because that is a delusional place to think we're getting back there”

It is unprofessional for investors with organized capital to continue deploying funds at inflated valuations without regard for the new market reality.

“it is borderline it's well it's definitely unprofessional and it's borderline idiotic for anybody with organized capital right now to be ripping money in because you don't know what the terminal valuation of a business is”