Aside from the depressing use of cliche ("dry powder") this is an interesting article for what it tells us between-the-lines. As always, VCs panic easily, lack any sense of medium-term risk analysis, and follow the herd. As the classic VC model has been broken for decades now, it is hardly surprising that in anything other than ideal times (e.g. an irrationally exuberant IPO market in which naive investors relieve VCs of portfolio companies that may not actually have a meaningful route to profitability) we see chaos and fear rather than a coherent assessment of choices. VCs always over-invest during boom times (resulting in too many companies chasing the same limited opportunities) and then turn off the taps whenever there's a panic (resulting in potentially viable companies crashing). What this all means is that, in theory at least, there's an enormous opening for at least one VC firm that isn't just a follow-the-herd-blindly copy of every other VC firm. Khosla Ventures used to attempt to play that role on Sand Hill Road, but today? Seems like the space is empty.