I can blame them a little.

People who are chasing currently hot things are missing the chance to invest in the next hot thing. VCs have a sweet deal: they get fat salaries, have nice offices, and have plenty of support staff. If anybody can afford to play the long game, it's them.

The only reason things are flipping for $1bn is that they are worth that to a much bigger company. Instead of going after the quick $1 billion company, I'd rather see them going for the "slow" $60 billion company (Facebook) or $200 billion company (Google).