Whether the trend is real or not, I note two highly encouraging, closely related things: 1) A hell of a lot less money overall is being poured into "Dot Com II

Whether the trend is real or not, I note two highly encouraging, closely related things: 1) A hell of a lot less money overall is being poured into "Dot Com II". Even if Dot Bomb II happens, it won't be as bad. 2) A lot more companies are being funded, logically with a lot less money each. There might have been some "excesses" recently, but for once, people did learn. Moreover, using valuations as a proxy for this analysis is kind of misleading. If you put a million dollars in a company and the company goes bust, you're out the million, whether it "bought" you 5% of worthless shares or 50%. It only matters if the company actually does well.