This is great. I'd love to see more on how the basic VC model, described admirably here, contributes to the weird dynamics of the startup ecosystem.

E.g. if the fund size is large enough, VC partners can do very well ($ millions a year) purely from the fee. So they are incentivised to close large funds, and for that they need to demonstrate potential, which is easiest to achieve through huge valuations on paper for their portfolio rather than actual exits.

Like, I'd love to see some relatively impartial analysis of stuff like that, because mostly the only people who talk about it are ranting.