A 2008 e-mail I received from a mentor: "While many are wringing their hands, I recall the 1970s when we were suffering from an oil shock causing long lines at gas stations, rationing, and 55 MPH speed limits on federal highways, a recession, very little venture capital ($50 million per year into VC firms), and what President Jimmy Carter (wearing a sweater while addressing the nation on TV because he had turned down the heat in the White House) called a 'malaise.' It was during those times that two kids without any real college education, Bill Gates and Steve Jobs, started companies that did pretty well." "Opportunities abound in bad times as well as good times." "In fact, the opportunities are often greater when the conventional wisdom is that everything is going into the toilet." "Well … we’re nearing the end of another great year, and despite what we read about the outlook for 2009, we can look forward to a New Year filled with opportunities as well as stimulating challenges."