Why Venture Capital Refuses to Bust

Good Gary Rivlin piece in Wired about the continuing capital overhang in the venture business. Too many VCs went underground in 2000, froze spending, and now that things have thawed a little their capital is all reappearing and messing up valuations of private companies everywhere. And now that the term end of their fund is closer they are, if anything, even more eager and less discerning than before.

Harrowing stuff, and yet another example of how the excesses of the late 1990s have not yet disappeared.