While true, I'm not sure the bubblicious times of the late 90s apply here. Isn't some of this the effect of the rise of incubators like Y-Combinator? With YC,

While true, I'm not sure the bubblicious times of the late 90s apply here. Isn't some of this the effect of the rise of incubators like Y-Combinator? With YC, investors also have the benefit of knowing/believing that Paul Graham, et. al, have already vetted the team & idea substantively that the risk factor is lower (at least, perceived lower.) So, while there may be more dollars chasing fewer deals, some of that is the captive audience effect. The advice offered is still good, no matter the environment.