A protracted downturn is likely to lead to important lessons being learned, with Sequoia’s Doug Leone suggesting it will be worse than in 2000 and 2008. If the tech wreck does indeed extend into next year, GPs will have their work cut out supporting portfolio companies amid higher interest rates and worsening geopolitical relations, not to mention the ongoing energy crisis. Leone is not anticipating tech company valuations to improve until at least 2024. Private market participants might need to check their compass coordinates to avoid their portfolios hitting the rocks.