The document analyzes past venture capital investment trends to make predictions about the future of the industry. It finds that after peaking at over $100B in the late 1990s, VC investments fell sharply to under $25B after the dot-com bubble burst. The authors predict a gradual shakeout of existing VC firms, with half possibly closing. Their analysis of economic data suggests a realistic scenario of $5-15B in annual VC investments going forward. This would lead to lower overall returns and fewer, though still established, venture firms remaining in the industry.