Down, Down, Deeper and Down

Keith Teare
14 min readJul 21, 2022

That Was The Week #319


Essays of the Week

  • Down Markets and Liquidity
  • Secondary Markets to grow
  • Private Equity as Acquiror
  • Unicorn Valuations
  • Bid/Ask Spread in Venture
  • A16z closes HQ
  • AI-Powered Organizations
  • Brad Feld on Matt Levine

News Week

  • FirstMark raises $1 billion in new funds
  • Amazon Buys One Medical
  • Tesla Sells Bitcoin
  • Stripe Lowers Valuation

Startup of the Week

  • Crunchbase

Tweet of the Week

  • Long Hot Indian Summers


In a week that saw public markets largely up, my reading was dominated by those looking at private company stocks and pontificating on the downside. It is a commonly repeated mantra that private markets lag public market corrections.

Jason Lemkin writes about liquidity. This is a much under-appreciated concept in venture. Most funds report TVPI (total value to paid-in capital), which measures the value of…



Keith Teare

Founder at SignalRank Corporation. Publisher of That Was The Week, Founder at Founding TechCrunch investor