We had an interesting chat yesterday with Rupert Montagu, partner of Montague Newhall Associates — and it proved a welcome antidote to some of the gloom that weighs on the valley from time to time.

He runs a fund-of-funds, which means he invests money into venture capital funds on behalf of other investors. He moved to San Francisco last year from London, and had an air of bliss about him — looking out onto the sunny day from a lounge at San Francisco’s Ritz-Carlton. “I love the weather,” he said, “I mean look at this.” The weather is only the second reason on his long list of why he came to the valley to invest. The first, he said, is because it’s the best place in the world to invest in venture capital, and his European investors pushed him to increase their exposure to local venture firms. More about our talk with Montagu, and also about how the Japanese and Germans are still coming, in today’s Mercury News column, or here if you’re still finding the Merc’s free registration page too vexing.