Sam, I know you've commented that valuations are generally meaningless re early stage start-ups. I don't disagree, but there are a lots of funds with holding in early stage start-ups....in some fund formats (not trad'l PE/VC funds) they collect management and performance fees based on "fair market value" of fund assets. Agree true valuation is best determined at a realization event, i.e. An ipo or other form of exit, but what are your views on determining fair market value marks along the way...last round pricing, market comps, dcf models, or none of the above.