New Tech investment

On Scripting News today, Dave Winer laments the lack of VC investment in new technologies in the past year.
I’m not sure I fully understand his point. The VC industry is in business to make money. For the last forty+ years, they correctly believed that investing in new technologies could be an excellent way to make money, and set up shop in Silicon Valley because that’s where most of the people that create interesting new technologies choose to live and work.
At the risk of sounding like an apologist for the VC industry, I don’t think they’re under any obligation, especially in this environment, to invest in new technology without some some firm idea that they’ll get a healthy return. Right now, that’s what’s missing.

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