In an unwelcome echo of dotcom days, pre-emptive financing (unsolicited offers of VC financing) seems to be a growing trend in the Valley. The WSJ runs a piece today that portrays the VC industry as eagerly herding into the new new thing - a march of the lemmings that is very reminiscent of “the way we were” just before the crash.

Personally, I have no nostalgia for the pre-crash fervour that gripped this industry. I see it as a problem of ‘when bad things happen to good money’. But wishing it weren’t so will do nothing - we’ll simply have to wait and see whether we’re getting on a rollercoaster or heading towards a cliff.