Valuations are dropping substantially, pessimism about the economy is growing, and most VCs remain skeptical about investing in fully remote companies. Those are some of the sobering findings of a new survey released Tuesday of 141 VCs and 461 seed and series-A founders by NFX, an early-stage firm based in San Francisco.

The firm first performed the survey in early April – during the relatively early days of the coronavirus pandemic – and decided to follow up last week to see how sentiments have changed. It found that over that time, founders and investors have become more pessimistic about how long it will take the economy to recover. Perhaps not surprisingly, founders remain more optimistic than VCs. Wall Street has also been far more hopeful of a quick recovery, though this survey was conducted June 3rd, before May's shockingly positive jobs numbers were released.