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A Venture Capital History Perspective From Jack Tankersley

Feld Thoughts

The key reason for the explosion in capital flowing into the industry, and therefore the large increase in practitioners, had nothing to do with 1970’s performance, early stage investing, or technology. So contrary to the piece, it wasn’t VC were good at early stage technology, it was that they had newfound capital and a big exit window.

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Go early, go late, or go home

BeyondVC

On the late side, the tech sector is clearly maturing, growth is slowing, and forward P/E ratios relative to the S&P are pretty equal or even less indicating strong value. I see this as a trend that will only accelerate in the next few years as you have venture funds, LBO shops, and even hedge funds get into the tech buyout action.

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