An interesting article. The most interesting point to me was the effect of global capital injections. I had assumed that the main reason why SV VC hasn't slowed down was because rates were still low, and the Great Capital Clog is still in place (see below). Because Trump appears to be trying to fix the economic problems of the heartland through trade and immigration policies, economists and the Fed don't expect to see the kind of growth that would lead to a need to raise rates, so the existing conditions remain in place.

By the "Great Capital Clog", I mean the systemic effects that cause the money injected into the economy by Fed policies to be allocated primarily to geographic regions with a strong financial industry. This has led to a divergence of macroeconomic conditions with easy-money inflation in some areas and deflationary effects in others. Normal macroeconomic theory says this clog should not exist. I'd love to find a good strategy for arbitraging the difference, because there is a lot of money to be made there.