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VC's have little incentive to openly and honestly talk about or own up to their mistakes, and indeed they rarely do so. Far too often they inappropriately pass off very real mistakes as simply being part of their spray-and-pray "portfolio strategy." That not all investments will be winners has nothing at all to do with an individual investment going south on account of poor or nonexistent due diligence, investing largely on the basis of lemming behavior and so-called "social proof", dramatically over-valuing companies, investing in companies that obviously have no feasible path to profitability, etc.

What are we blaming Silicon Valley for (insofar as we're really talking about VC's)? I don't know about "we" but I'm blaming them for being dishonest. Do I go around being mad about it all the time? No. But I won't pass on an opportunity to rub a lemon on their noses.