The document discusses trends in venture capital and the "Right Now Economy". It notes that venture capital is a cyclical industry that is now driving the next upward cycle based on four mega-trends: mobile, social, cloud computing, big data. These trends are transforming traditional industries like shopping, news, advertising, transportation, hospitality, entertainment, education, and healthcare. Hundreds of billions in market value have been transferred to new market entrants. The venture capital industry has resized after an anomalous previous cycle. The next cycle promises to be an era of strong venture returns with $500 billion expected to be returned to venture-funded companies in the next decade. Most value will be created privately, so investors need exposure to venture assets.