Well, this indicator is not the worst one of all time. That record is probably still held by the price of butter in Bangladesh. [1] Seriously, all you need to read from this article is the following quote:

Mark Cannice, a University of San Francisco professor, issues a quarterly index of venture-capitalist confidence. “I put more faith in venture capitalist insights and confidence,” he says, “than I would in ping-pong-table sales.”

[1] http://www.investopedia.com/articles/stocks/08/stock-market-...