I take Roger Ehrenberg's viewpoint about the hedge fund industry and transfer it over to VC capital: it's turning into a barbell. The probability of getting eit

I take Roger Ehrenberg's viewpoint about the hedge fund industry and transfer it over to VC capital: it's turning into a barbell. The probability of getting either seed stage or a huge investment is much higher than anything in the middle. It's going to depend on the underlying business and expectations of growth, and there's also capital management and psychological factors, but my guess is that trend will continue.