[7Figures2Commas]

> ...but there are a lot of investors who are going to be very, very hurt in the next couple years once consumer technology valuations crash.

Completely agree, and I think some of the hardest hit will be individuals who fashioned themselves as angel extraordinaires as they didn't even capture management fees.

At least investors chasing yield in the bond and public equity markets the past several years will be able to say that they enjoyed their dividends and distributions. Many of these angels will have next to nothing to show for their investments when all is said and done. On second thought, I guess they'll be able to say that they helped Ruby on Rails and Node.js rockstars make their San Francisco rent payments.