If it so happens that their primary concern is financial developments, "market trends" etc., is that really news to anyone? I mean I'm a developer myself but I acknowledge that if they don't have as much of a clue as we would like them to have, maybe it's because the market(s) reward their other qualities and it Just Doesn't Matter (or make such a big difference to their returns). (The fact is that not everything that matters to us personally matters on other scales just as much.)
Rather, it's that so much pretense has been acceptable for so long. If technology knowledge isn't necessary to make successful technology investments, why do the asset managers put up with the charade?
Is it all just an effect of VC rewards being too loosely coupled with results?
(#15 seems to me to follow as a matter of course, and is, arguably, the other side to the same coin)