He was probably referring to when people were saying that you couldn't make money on the consumer internet, thus not investing, thus leaving a lot of space to those who did. People now are mocking the valuations given to some comapanies, not saying that you can't make money with consumers on the internet... ;)

Makes sense, but in that case, what is the word "excesses" doing in that sentence? I think somebody miss-transcribed the interview tape.

That makes sense!

That was the only sentence in the article that didn't make sense to me at all. But the rest sounds quite logic to me.

When VC descend down to Angel rounds and Angels are substituted by incubators and accelerators I can completely understand that some angels take break.