The EIS Navigator is produced and hosted by Dr Brian Moretta and focuses on the UK venture capital industry.

Valuations are always a popular topic. With much discussion about whether we are at the bottom of the current cycle, John Glencross, CEO and Co-Founder of Calculus Capital, who has experienced multiple economic cycles, speaks to Brian Moretta.

The podcast covers the current market, how this compares with recent times and how a fund manager handles the cycles.

Topics discussed included:

How companies are accepting lower valuations;

The danger of growth at any price;

Where there are still bubbles and what the consequences of these might be;

How to manage investing when valuations are high;

The psychology of down rounds;

Preferential return structures and what John is seeing in the market;

Real unicorns versus valuation aberrations;

How valuation matters for investing;

How Calculus values existing portfolios;

John’s sense of valuations in the EIS & VCT market and where he thinks the discrepancies are;

How close we are to the bottom of the valuation cycle.

Listen to the episode