> and he has to either sit out while it flushes down the toilet or compete with it in the companies where he wants in. One of the dynamics that happened in the

> and he has to either sit out while it flushes down the toilet or compete with it in the companies where he wants in. One of the dynamics that happened in the wake of the 2000 crash: There was quite a bit of back and forth between the VCs and the limiteds when everyone went into turtle mode. The result was that many VCs ended up reducing the size of the funds, which is in effect a pay cut since they take an annual percentage of funds under management. It's really hard to justify 2% fees when you're only sitting on the money because that's the best investment at the time.