Despite the media hype, detailed venture-capital data show we're still a ways from 2000-style exuberance. Contrary to what media chatter might have you believe, the startup funding market has not returned to the uniquely crazy era circa 2000. Far from it: Inflation-adjusted venture capital investment in startups--and the volume of subsequent exits via IPO or M&A--remains at only a fraction of the frenetic peak set around the turn of this century. (And not because funding nosedived around the time of the 2008 recession.) Are things hot in certain areas? Sure. Just look at how the software sector is trending. But it's worth remembering that, as nutty as some markets seem today, you have to turn back the clock to find truly manic times.