'Oversupply' could simply be communicated in a different supply/demand equilibrium. Cheap capital is probably not such a bad thing for Entrepreneurs. More bad

'Oversupply' could simply be communicated in a different supply/demand equilibrium. Cheap capital is probably not such a bad thing for Entrepreneurs. More bad companies get funded, but that's not so bad. More good companies that wouldn't have seen the light of day will also get funded. There's only a 'bubble' if there can be a significant correction. If the US economy goes into heavy recession, then maybe there will be a steep pullback in VC. But otherwise, VC as an asset class may just not get the returns of yesteryear, which is fine.