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He tells us, "The high recent valuations in the U.S. stock market come about for no good reasons...
But the recent valuations of technology startups highlight the counter-intuitive nature of investment decisions, especially in the case of companies that have yet to generate any revenue.
According to Mr. Graham, a pullback in valuations for initial funding rounds would not be devastating, since recent valuations were pretty high on a historical basis.
Transferwise hit a $1bn valuation in early 2015, for instance, while Adyen, an Amsterdam-based payments firm with clients including Spotify and Netflix, is worth $2.3bn at recent valuations.
But then look at recent valuations of other web-only whizzes, BuzzFeed at $1.5bn, Vox at $1bn, Vice at $2.5bn to as much as $4bn, and expect to find your eyes watering.
In a typical start-up deal, for example, the venture capital fund will invest $3 million in exchange for a 40% preferred-equity ownership position, although recent valuations have been much higher.
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Uber China was most recently valued at $7 billion; Didi's most recent valuation was $28 billion.
Uber China was most recently valued at $7 billion; Didi's most recent valuation was $28 billion.
The sale price in 2008 was £180,000, and a recent valuation put the flat at £370,000).
According to the most recent valuation, the Queen is worth about £340m.
The site's most recent valuation was $300m - and that was almost a year ago.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com