End of the week notes

So LinkedIN is back above $90, Pandora back close to $20. Very exciting for the digital media space. Very enthusiastic for our friends at KP, Sequoia, NEA, Accel, Lightspeed, Greylock and on and on. We are quite sure that the next big story is that venture, by end of 2011, will handily beat the S&P over the last decade and cries about the death of venture over the last few years and how broken the industry has been, while in some ways true, will prove to have been way overblown. The second and third tier players needed to go away and that is happening. We'd like to see some specialists re-emerge and can see some on the horizon. We'd also like to see more angels get organized and that seems to be happening. Innovation lives regardless of debt ceilings, terrorism, politics or sovereign debt. And venture firms continue to make this happen, along with of course the idea people, where it all begins. There will be oversubscribed funds raised over the next 12 months, especially given the exits that are happening right now. The only question will be, how disciplined and whether this creates a capital oversupply problem again. We'll see!

So here's a parting thought for now, for our entrepreneurial clients: THANK YOU for what you do for our society. Not only do you solve important problems but your work and passion lead to job creation and is the foundation of what our country was built upon.