Bill Gurley has a long-but-interesting article online at the moment about what's really going on in the venture capital industry. And since I like people with the guts to stand up and say that they can cut through the crap and tell you what's really going on, I thougth I'd give him a plug here.

I love Gurley's before-and-after graphic. The Venture Capital industry was an overweight couch potato; now it's a sleek babe magnet with a six pack of abs...

Gurley gives a fairly deep analysis of where VC funds get their money and why the industry's facing such profound change. He includes a couple of charts and graphs. If you're interested in the VC industry, the peice is worth reading.