Don't forget one of the huge drivers in all of this is interest rates. I know that sounds super nerdy/dorky/vomit-inducing, but as rates go up, your willingness to invest in risk shifts toward higher yielding assets. Conversely, when rates are basically zero, allocators do crazy things to find "some level of return". This is why low rates = lots of economic activity, high rates = lower amounts of economic activity. If you are a bike company and you are in need of an additional fundraising round, one of two things happen. Either you figure out a way to elicit a...