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In competitive markets with current price signals, supply/demand balance happens smoothly and apparently effortlessly; in markets where prices lag reality, dramatic and seemingly persistent supply and demand swings and imbalances are possible. The latter is the case of the venture capital industry - and, today, a wide imbalance exists between the venture capital opportunity and the supply of capital to the industry. The apparent problem arises because, under any conditions, returns from recent past vintages of venture capital are poor indicators not just of future returns, but of eventual returns for those same vintages.
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