Data Sheet -- Correction

My introductory essay for today's Data Sheet erred by reversing the numerator and denominator in explaining why large investors may need to cut back their investments in technology startups. In other words, it confused the basic math in an essay based on basic math. The relevant section should have read:

The denominator effect dictates that as public markets (the denominator) lose value, private-market investments (the numerator) become a higher percentage of the holdings for university endowments and pension funds that have been investing in them. Because these funds typically have rigid percentage ceilings for their investments in alternative investments, if the denominator gets too big they must sell, choking off funds for venture-capital firms, who then have less to invest in startups of any size.

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Thank you to the eagle-eyed reader who pointed out this mistake seven minutes after receiving the newsletter. I'm extremely sorry about this. Speaking for the entire Fortune tech team, we welcome your feedback every day, including when we screw up.

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