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It's late, I'm tired and the coffee is wearing off, so I'm happy that Paul Kedrosky takes a stab at deciphering the latest quarterly report on Bay Area venture capital activity from Fenwick & West:

So, higher asset prices on fewer transactions, and no clarity on how many are inside deals? That sounds familiar. What could it be? Hmmm. Gosh, it sounds like the dying days of the real estate bubble, circa late 2006.

(Photo by Annie Lawry) [Infectious Greed]