Illustration by Rebecca Zisser/Axios

Over the past 48 hours at the Upfront Summit, I've met with at least 50 venture capitalists and nearly as many limited partners in venture capital funds, representing varying geographies, experiences, and specialties.

My goal in such settings is to suss out a consensus trend or sentiment. The same thing that keeps arising in varied conversation, unprompted. For the first time I can remember, there wasn't one.

Venture's first half of 2019 was all about the rapid ascent, whether it be round sizes or valuations — fueled by everything from SoftBank to public SaaS multiples. Then came WeWork, and it felt like the climb was over. Everyone was Wile E. Coyote on the downhill, waiting to be flattened by a boulder.

But then it didn't happen.

  • Things didn't really get worse, save for some portfolio company layoffs that were relatively mild in comparison to the buildup.
  • Things didn't really get better, outside of increased focus on profitability.
  • So everyone just kept pushing along, doing deals. Running on limbo's treadmill.

Bottom line: 2020 is beginning as the year of ¯\_(ツ)_/¯.

Go deeper: Venture capitalists have yet to join Corporate America in tackling climate change

Go deeper

Updated 51 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 31,092,895 — Total deaths: 961,301— Total recoveries: 21,274,210Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 6,812,470 — Total deaths: 199,517 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Health: CDC updates guidances to say coronavirus can be spread through the air Nursing homes are evicting unwanted patients.
  4. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right."
  5. Education: College students give failing grade on return to campus.
  6. Business: Unemployment concerns are growing.
  7. World: "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.
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Ruth Bader Ginsburg's death and the battle over her vacant Supreme Court seat have real implications for energy and climate policy.

Why it matters: If President Trump replaces her, the court will likely become more skeptical of regulations that claim expansive federal power to regulate carbon under existing law, and perhaps new climate statutes as well.

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