This article bugs me. First, the author's distinction between real and momentum vc is very retrospective. Especially with early stage investment, it's just not

This article bugs me. First, the author's distinction between real and momentum vc is very retrospective. Especially with early stage investment, it's just not always clear who will be a 'real' investment vs. a 'momentum' vc. All early stage vc's are trend spotters who are trying to time their investments in companies to the market. Second, there is no real analysis to support the headline. Even in bad economic times, I bet historically, traditional asset classes like equities have done much better than vc investments as a whole.