Joe -- well said. I'd add one nuance: lots of cheap money chasing start-ups that failed to provide a solution to a ubiquitous compelling need. Now, I'm the first to admit that truly revolutionary start-ups created products and services that are so compelling that users flock to them AS CUSTOMERS. That being said, those "retiring" VC's made some nice money on fees and back-end pieces from the handful of companies that survived. None of them paid a price -- and so it goes.