Venture capital's sum of all fears

• The IPO window is nailed shut. Even if investors buy the dip, they'll favor known names over new issues.
• Limited partners are suddenly feeling denominator effects for the first time in years, and it's even more extreme for universities and nonprofits that have had some of their federal funding cut.
• Finally, there's no LP goodwill after years of delayed distributions.

The bottom line: Deep breaths. As we wrote on Friday, maybe cooler heads prevail and this all becomes an econ textbook footnote. But we also may be nearing a point where the hotheads create perpetual motion.