Just when you got that shank under control, all the cool people are doing something else. More

Tis on. VCs are hot and bothered about Facebook to the extent that there’s now a “Facebook-only V.C.”, reports the Times. More

How to judge the health of an industry? One VC firm’s analysis of the venture capital data (via PEHub) reveals a bigger decline in firms than previously thought. More

Sure, the headlines are all about the startup bubble, but I don’t think I’ve ever read an article calling the cause of the bubble — cheap money and the proliferation of money managers all chasing the same tail — a bubble itself. I wonder why.

Anyway, the Web 2.0 bubble is actually not as big as 2000-era. Says Mark Heesen, president of the National Venture Capital Association: “‘There’s a lot less money in the market than there was in the bubble,’ he said. ‘We have seen this before, but we were putting out about $100 billion a year at the height of the bubble, and this year we’ll be lucky if we invest $27 billion.’”

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Q: So all interviews must start out with the nitty gritty. Are you working more hours now that you moved back to NYC from California?

A: Slightly more. was 60-65, now 65-75.

Q: There are no good burritos in NYC. True/False?

A: False, but they’re hard to find.

Q: What exactly goes in an awesome California style burrito?

A: For sure, probably the normal stuff plus some Mexican authenticity, love & special sauces; the cuisine doesn’t have to travel as far and therefore isn’t as corrupted or mutated (I realize that I can’t actually defend this argument, but it may have some, though little, merit).

Q: When you say you used to live in San Francisco, does everyone automatically assume you’re gay?

A: Not everyone, but a few people have, including my apartment broker. More

Have dreams of a laid back life in the Bay Area? The following interview with a Silicon Valley VC guy may make you think otherwise.

Q: What’s it like working in finance over there on the Left Coast?

A: I am in VC and focus on IT investing in Silicon Valley. Although by definition VC is a finance industry, it is somewhat unique in that it is less about investing based on financial metrics or analysis and more about working with entrepreneurs to build companies. It’s probably safe to say that it is part art and part science, and good VC’s tend to develop a personal approach to investing that is based on experience.

Q: So does that mean people just sit around all day and get st*ned?

A: One can only dream…the average day for most VC’s is hard to describe, but generally speaking I would say that 1/3 is spent on finding new deals, 1/3 is focused on analyzing high potential deals, and the last 1/3 is spent on monitoring the current portfolio from a board perspective. This entails a lot of meetings with entrepreneurs, networking with other VC’s and people in industry, and working with the management teams of your portfolio companies. More

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PwC/Thomson/NVCA’a “MoneyTree” report doesn’t list which companies are leading VC investment, but it does provide flows by quarter, region and industry. More