In the second quarter of this year not a single company backed by VCs has gone public. It is the first time that has happened since 1978. The New York Times runs with a story to get at why it is so bleak for VCs. They quote blogger and CNBC regular Paul Kedrosky: “There is nothing that the industry is producing that investors want. The stuff they’re investing in is idiosyncratic — it’s fun and appealing to them but Wall Street doesn’t care. The Valley is operating in its own little world, and the capital markets don’t care about the things that are getting the Valley excited.” While we enjoy Kodrosky's blog, he comes off sounding like a know-it-all here. What would he have invested in that that entire VC sector missed that would have enjoyed an IPO? Our coverage of the VC sector shows a wide array of investments from clean tech to yes Chinese YouTube clones as well as food and consumer product startups. Nobody is getting any IPO love, so it makes no sense for Kodrosky to piss on VCs. If anything, the VCs got the timing of their clean tech investments right. They went in early,...