Blog bubble

Michael Arrington surveys the VC and angel craze for investing in blogs and blog networks:

In short, I believe the money is being, for the most part, wasted. If a VC hands you a check, their intention is not to hang around for 20 years while you build a nice lifestyle business for yourself. What they want to see is an exit, preferably a 10x or higher exit, within 3-4 years. But something tells me that few of these networks are going to be able to grow quite as easily as they think and reach those liquidity events.

Amen brother.