This because yesterday I posted an item wondering if the market collapse means the IPO window has shut down again, and if so, what happens to the VCs who are sitting on a bunch of deals where they’ve paid ridiculously high valuations? They were hoping to flog this stuff off to bigger fools in the public markets, which is why they were going around repeateing the “there is no bubble” mantra. But now they’re stuck with this stuff, and will have to fall back on the rhetoric about being patient, long-term investors who are so proud to be associated with these wonderful entrepreneurs.
Last night I got an email from a VC in the Valley saying that I sound “bitter and angry.”
I had to admit that the guy has a point. But as I told him: Look, I’m Boston Irish. “Bitter and angry” is what we do around here. It’s our normal state of mind. The stuff that normal people see as anger and bitterness is stuff that in Boston we think of as cheeky humor.
No hard feelings, Valley investors. Your eternal optimism makes the world a better place for all of us.
Oh, and today comes word that Dropbox is raising money at a $10 billion valuation. And so many VCs are fighting over the deal that Dropbox has told them to submit their best offers and then Dropbox will choose whose money they deign to take.
I don’t know when this stuff is going to wind down, but it will, and when it does, it’s going to be hilarious.