All of those, I'd bet. But also less. VCs are notorious for being herd animals. We've been in (and are hopefully leaving) an era of easy money. I think people

All of those, I'd bet. But also less. VCs are notorious for being herd animals. We've been in (and are hopefully leaving) an era of easy money. I think people don't generally question what they're doing as long as it's working, and easy money plus a bubbly tech sector means that investing hasn't been particularly challenging. So I suspect a lot of them have just been uncritically doing what worked for them in the past. And "worked" here isn't defined by building successful businesses, because that's a very long feedback loop, but by more immediate proxies like praise from bosses/colleagues, chasing clout in the industry, getting more money from LPs, getting paid themselves, and feeling smart when people listen carefully to what they think is wisdom. All that is hopefully about to change. As Buffett says, "Only when the tide goes out do you see who has been swimming naked."