Are startup valuations out of control?

Like it's insane, but we're all participating in the insanity. And we just went through this three or four years ago. I think we kind of know how this tends to end, but it all feels like a great idea until it ends. And I think there's a lot of people who are like, I'm going to be able to get out before the music stops. And I really hope they are right. Yeah. And those valuations, to me, they just don't leave a lot of room for companies. You know, there was an old saying when I got in, the venture was like, oh, that round is priced for perfection. If everything goes perfectly right, that price probably makes sense. These new rounds are priced beyond perfection in my mind.