Venture Capitalist Sounds Alarm on Startup Investing

Interesting anecdote:

"For the first time since '99, in the past 12 months, I've been in board meetings where the company says, "Our only option is a 10-year lease," at record pricing on a per square foot basis here in San Francisco, which is two or three times what the rent was three years ago. And so this is why it's all cyclical—because the landlords get greedy.

Another excerpt: "Excessive amounts of capital lead to a lower average fitness because fitness, from a business standpoint, has to be cash-flow profitability or the ability to generate cash flow. That's the essence of equity value. And so I think we get further and further away from that in the headiest of times."

The fact I need to sign up to read this article is stupid. Why is it on HN?