Well, investors bitch and moan because, let's face it, that's how they roll. They also have an incentive to do that in order to lower prices (as long as they all do that, and these guys have a dominant herd mentality gene).
Now it seems that their problem is one of an efficient market. If startups play it safe (according to the investors), then their performance has a higher expected value but with less volatility, so the VC can't strike rich on the off-chance. I do think, though, that they might miss the volatility in the market size. Very successful products tend to change the market size, and they might get 10x and even 1000x returns yet.
Anyway, sometimes they bitch about too much risk, and now about too little. You just can't please these guys, but, like Danielle says -- neither should you.
Also, let's not forget that most of them are quite mediocre, to put it mildly, at what they do (http://dealbook.nytimes.com/2013/02/04/venture-capitals-slug...).
Now it seems that their problem is one of an efficient market. If startups play it safe (according to the investors), then their performance has a higher expected value but with less volatility, so the VC can't strike rich on the off-chance. I do think, though, that they might miss the volatility in the market size. Very successful products tend to change the market size, and they might get 10x and even 1000x returns yet.
Anyway, sometimes they bitch about too much risk, and now about too little. You just can't please these guys, but, like Danielle says -- neither should you.