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Still, fund managers say they are finding companies that offer solid growth prospects at a decent valuation.
"How do you know how big the hole is on the balance sheet of Citi until you have a decent valuation?" asks the Princeton economist Alan Blinder.
Any well-run firm with a global reach and decent valuation is fair game, and Zurich certainly fits the bill.
But if Facebook is worth $6 billion to $10 billion, Bebo might still be able to get a decent valuation if it can hold onto its users.
He wouldn't discuss a specific valuation, but did say they have grown 6x since the 2013 round and he got what he described as "a decent valuation".
But if you can get a decent valuation in Europe, and that's where you've built the product with a great team, like Tradeshift has, then stay.
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These firms will benefit from that growth, while offering steady cash flow and decent valuations.
Strong global growth, reasonable equity valuations, decent earnings growth and continued low global interest rates all play major roles in these expected returns.
Finding companies that have a combination of high quality, decent momentum and great valuation is rare.
The move comes two months after LimeBike raised $50 million in funding on what we have heard was a $225 million valuation, and some decent growth in a competitive market.
That's a decent jump on the $200 million-$million-$250 millionn it got in May when it raised €25 million (then worth $27 million) from the European InvaluationBank.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com