Gags-to-riches tale of the Welsh wizard who bet on YouTube | Business | The Observer

"Moritz believes that, for most investors, backing venture capital at all is too high a risk. True, his firm has made large sums of money - the exact amount is a closely guarded secret - but he still believes T-bills (US government bonds) are a safer bet. 'In all the businesses that... I know well,' he says, 'the profits are concentrated in a handful of firms. I think that's true in the venture business. You don't want to be an investor in the 15th venture capital firm any more than in the 12th personal computer company.'
He also warns that there is a danger of another venture capital investment bubble, similar to that seen in the late Nineties. 'I think it's a fool's game. With the exception of a very short list, venture capital as a category has been a very disappointing place for most people to invest for a long time. It's the age-old story and every time around brings a new parade of suckers.'"