"VCs are lagging indicators." - Pax Ventures' @MichelleVolz "Often, great founders will see something before VCs." "Once something is hype-y, it's usually too late to find a good early-stage investment." "LPs are lagging-lagging indicators. Once something is very mainstream and there start to be signs of returns, they're like, 'We should pay attention to this category.'" "A thing that was more surprising - partly because I live in my own echo chamber and constantly hear about all of these…