": I have often heard it said in the private equity business that people are very important. I have come to the conclusion after 30 years in this business that management talent is a necessary but not sufficient reason to succeed. Management can never be overvalued, but it can be overestimated. Warren Buffett once said, show me a bad business and a good management and the bad business will prevail every time. So the lesson I have learned from the recent mania is that you may have capital and a talented management team, but if you are fundamentally in a lousy business, you won't get the kind of results you would in a good business. All businesses aren't created equal."

VC moves from one unreality to another