Silicon Valley the “nosebleed” section for VCs?

Noteworthy article in Business 2.0 about Silicon Alley VC, Fred Wilson, and how core technology has been built in Silicon Valley, and that its time to move on:

Wilson, of course, is different from most Valley VCs in ways too numerous to count — starting with the fact that he wouldn’t trade his offices off Union Square for digs on Sand Hill Road for all the tea in China. At almost any other moment in high-tech history, being in New York was a distinct disadvantage for a VC; it was like being an arbitrageur in Kansas rather than on Wall Street. But if Wilson is right — and I think he is — that media, marketing, and finance will be among the industries most affected by Web 2.0, he’s better off exactly where he is. As tech itself recedes from view and its effects take center stage, the Valley may prove to be the nosebleed section, and New York the ringside seat.

Cute ending, but even if the thesis is on, we can think of a dozen other, perhaps even better, ringside seats, beginning with LA and Shanghai.