Bearish Bullishness for Venture Capital

Two things I heard today that made me uneasy about venture capital’s needed changes:

  1. The Angel Capital Association meeting today is packed.
  2. Limited partners at the NVCA annual meeting this week said they are the most bullish they have been about venture since 1999.

Now, to be fair, saying you are more bullish about venture than any time since 1999 isn’t saying much: the intervening period was terrible for LPs, and only slightly less bad for fee-grabbing GPs. The packed house at the ACA meeting is more worrisome, however, as the last thing the world needs is another few hundred me-too angels dribbling money into every consumer-facing web property on the planet.

What we need is a good market crash, dammit, to make everyone nervous again. Wait, what happened today? Omigod, thanks!