Another thing to consider: A bad investment needs a lot less cash to do what it did back then with all the cheap space, bandwidth, and CDNs running around. You

Another thing to consider: A bad investment needs a lot less cash to do what it did back then with all the cheap space, bandwidth, and CDNs running around. You could fund 20 risky startups for what might have been a first round for a single risky .com in '99.