I think the issue described here is real. Truth is, today IPOed tech stocks tend to go public much later than previously in their life for many reasons. Look at PayPal. They went public with a $20M revenue run rate, growing 50% Q over Quarter. Today, private investors with $50-$250M rounds and secondary offerings where founders/early employees take money off the table completely wiped out the opportunity for consumer investor to make money out of tech IPO Companies. Funny enough to see that A16Z (or KPCB) are some of these late stage funds (even though they are stage agnostic, they also invest late stage)