Sure, this is
relatively dumb money, but that's where those angel and incubator relationships come in: if startups increasingly feel they have the relationships and advice they need, then growth funding is basically a commodity, so why not take dumb cheap money sooner rather than later?
Hence, the stock market makes a
relatively flat top, slowly goes down, and then accelerates on the downside when the
dumb money can no longer ignore the deteriorating fundamentals.