> If you are a VC I would focus on the earlier stages where there is much less competition for deals and as a result valuations have not gotten unruly. If the

> If you are a VC I would focus on the earlier stages where there is much less competition for deals and as a result valuations have not gotten unruly. If the premise was true, I'm not even sure how this could be good advice. It sounds like more investors would end up reducing their liquidity by tying up their money in a bunch of glorified small businesses.