How the titans of tech investing are staying warm over the VC winter

are not known for humility. But many have been striking a humbler tone of late. In a recent letter to investors Tiger Global, a hedge fund and () investor, reportedly admitted that it had “underestimated” inflation and “overestimated” the boost from the covid-19 pandemic to the tech startups in its portfolio. In November Sequoia, a Silicon Valley blue blood, apologised to clients after the , a now defunct crypto-trading platform that it had backed. In January Jeffrey Pichet Jaensubhakij, chief investment officer of , one of Singapore’s sovereign-wealth funds, said he was “thinking much more soberly” about startup investing.