SELLLLLLLL--OUTTTSSSS

Dude, all they care about is getting paid $$$.

Is that why no one seems to be angel investing anymore?

 YES. Why invest your own money when you can invest somebody else's?!?!

Also a16z plays at investing seriously; most of their money seems to be made in investing in later-stage companies who were already on a rocket ship growth trajectory. Their brand strategy is working.

Why risk money on an early investment when there are plenty of de-risked later round companies worth investing in?

 I'd argue they just want to level up.  It seems to be seen by many as the next career move. 

I think you're right, Christina.

If you've successfully started a company before you have two main options: start another company, or fund companies.

In the current funding climate, if you have a chance to become a VC, you take it.

The VC industry itself is consolidating so there are fewer available positions.