Great comments Josh (we spoke on Twitter, I’m Mark Gelband’s friend in Boulder). This is what I think is happening: In the past the money management part of the venture capital world was much harder. It was harder to raise money, to deploy funds and to manage everything. That piece is now easier for a lot of reasons and it will continue getting easier. On the other hand the opportunities are getting more complex — they’re in more hard-core verticals, they need smarter folks to execute and there’s more demand for this (so more competition for the best startups). As a result the things that make VCs successful have changed. A great VC will soon be able to raise money almost instantly (no more schlepping to LPs) thanks to new structures and some code. Not here yet but coming. The value will be in her or his working relationship with the entrepreneurs — what you refer to as the ability to operate. The money management part will no longer play that big a piece.