You can, but many investors are concerned about the stock market as a whole being overpriced. "Bonds are overpriced, Commodities are overpriced, Equities are overpriced, and Real Estate is overpriced. When rates go up they will all tank."

Of course this is a first world problem.

I used to say "Invest in your own human capital" but I took a look at the cost of private schools nowadays, and they're overpriced too. :-)

Indeed, the risk-adjusted returns for VC as an asset class are bad compared to other options. I think there's more to the story than "the rich are running out of places to put their money."