At our recent LP meeting we presented our view of where the venture capital markets were today, and where we thought they were going. A year ago, most funds had ebullient outlooks, as we were amidst the Social Mobile Local bubble. Zynga and Groupon had gone public, and Facebook was anticipated to set the stage for a new tech boom, much as Netscape did in 1995 and Apple in 1980, kicking off two periods of above normal venture returns. Oh well. This year there is a decidedly mixed picture: on the one hand, schaudenfreude from the bigger VC firms, who smugly atone that Enterprise is Back! and along with it Venture As It Used To Be Done; and on the other, the continued growth in the Lean Finance model. We looked at the data, and perhaps more importantly, the perceptions of the data, and drew our own conclusions.