Since last year, Bill Gurley—a partner at the venture capital firm Benchmark, known for early investments in Uber, OpenTable, and Zillow—has stood out from his VC counterparts for his insistence that there’s a bubble in tech startup valuations. In particular, he says “unicorns”—startups valued at $1 billion or more—are the most visible sign of an explosion in valuations that he thinks will end in a bust just as surely as previous bubbles did.

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