I think Fred may be right about this adolescent stage of investing being the best. But not because I think there is a bubble on the angel side; rather I think there are just a lot of stupid people throwing their money away. I think the situation is more analogous to playing poker with a bunch of morons who are pushing the good players out by betting at random. However on a whole the good startups are only somewhat overvalued, perhaps to the point where rational people may be hesitant to invest, but not to the point where there is some crazy speculative frenzy.