Short answer : there isn't any :-)
The change in investor attitudes between the beginning of October and after the second week of October was really quite amazing to observe from ground zero - it was just bizarre to pitch Sequoia the day BEFORE they told all their CEOs that the good times were over.
It's clear that, at best, most funds have decided to be very cautious about early stage investments until they've stabilized their existing portfolios. The advantage is definitely to the biggest players right now - amazon, google, microsoft uber alles !
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