????? Revolution of Rising Expectations: The ever present political and social concerns remain and will be exacerbated by any disruption to these enormous capital inflows. There has been a reasonably predictable cycle of economic shocks to the Asian markets – and while the enthusiasm espoused this week make these concerns feel quite remote, don't those fears always seem remote?

????One last observation: it certainly appears that the US VC industry has successfully exported itself to Asia – although most of the GP's here are not expats. This has troubling implications for the US VC industry – if fundamental R&D is outsourced to Asia, then who do we invest behind? We need policies which will ensure that the US maintains its leadership position in innovation.

????I love it here. Don't get me wrong. The upside is enormous and real but there are also real structural issues that seem to be overlooked in the current dialogue.

????Michael Greeley is a General Partner at Flybridge Capital Partners focused on information technology, healthcare and medical technology investments. His blog is On the Flying Bridge.