For the first time in a long time, some of venture capital's biggest names are openly worried. Sky-high valuations, easy money, and mounting burn rates are on everyone's mind (and in everyone's blog posts). But what's the private reaction?

Former BusinessWeek reporter, TechCrunch columnist, and current tech PR star Sarah Lacy has made a name for herself: her website, PandoDaily, is one of the industry's most loyal allies. But if you do something she doesn't like, she and her goons will try to destroy you. Look at their rabid emails and see.