Those aged 65 and up control most of the investment capital in the United States. This is not a risk-taking demographic regardless if the capital is family mone

Those aged 65 and up control most of the investment capital in the United States. This is not a risk-taking demographic regardless if the capital is family money or managed money. It is a demographic that wants to preserve capital in exchange for modest returns. The same can be said for pension plans who formerly invested heavily in alternative investments, and who now must ensure fund stability as pension payouts peak in the coming years. Foreign investors and sovereign funds are under increased pressure to keep foreign currency at home, particularly in China and Russia. Interest rates are poised to rise, held back by a US Federal Reserve loaded, cocked and ready to fire; thereby increasing VC carrying costs. The global political environment is not favorable for economic investment. Highly publicized bellicose rhetoric and outright conflict is pervasive. Investors loathe the uncertainty and anxiety this creates. So, this time its different I suspect there may be strong returns to be had in M&A, particularly after Microsoft's aggressive bid for LinkedIN. I note even Twitter is performing well today*. I imagine there may still be strong IPO's, like Twilio seems positioned to be. But, I believe we're entering a less liquid and lower alpha period in investing. I can't say I have special knowledge on the topic, other than being a close observer. (Disclaimer: I do own TWTR)