Newbies Flood Venture Capital (Again): "The WSJ has a piece this morning that is being passed around madly in venture capital circles. Confirming VCs' worst fears, it argues that there is a boomlet under way in venture capital funding, with too many first-time funds being funded by dumb money, and with the so-called 'smart' institutional money -- CalPERS, Stanford, etc. -- cutting their contributions."—Paul Kedrosky (UCSD)