Why do investors seem to care about 'billion dollar exits?' Historically, top venture funds have driven returns from their ownership in just a few companies in a given fund of many companies.

There are not many people from top-tier venture capital firms who are focused on the seed stage.

Some investors may grumble about entrepreneurs wanting 'unicorn valuations.' But let's be honest: most investors want them, too, and are supporting the massive capitalization of these companies.

Over the long term, there will be many more billion-dollar technology companies than there are today.

Japanese institutional investors seem to have sought returns by selling dollar-denominated assets. That kind of repatriation is generally yen positive.

Many of the best firms historically in venture capital have been multi-sector.