Mar 9, 2016 ยท 1 minute

Mike Maples of Floodgate seems all folksy and nice. But that’s just the accent.

In reality he’s the honeybadger of venture capital: He doesn’t give a fuck. Witness this Twitter thread last night. Maples doesn’t repeat the same old “it’s just letting some air out of the bubble” or “these are great companies” or even “if anything the unicorns are undervalued!” lines most VCs are trotting out these days.

He compares them to mortgages in the 2007-era, asking if there’s a way to short some 75% of private unicorns. The discussion with other VCs and suggestions on how to short them is fascinating. Don’t feel bad for the unicorn founders. Everyone in the Valley always assumes they are the exception and not the rule.

Read the full thread here.