Can a liquidator predit the future?

My spin: As reported in USA Today Martin Pichinson has liquidated about 150 failed start ups. He smells more failed start ups on the horizon. It’s a given that businesses will fail, but is there anything that can predit the hundreds of failed dot-coms falling so fervently?
Do investors learn? Do dot-com executives ever learn?
The USA Today article reads, in part:
Pichinson, a self-described “doctor of reality” who helps liquidate companies, says he wouldn’t have moved from Los Angeles to Palo Alto a few months ago had he not smelled more high-tech trouble looming.
“Sadly, it looks like 2004 is going to be another busy year for me,” Pichinson said. “There’s still another 6,500 to 7,500 companies out there who are among the walking dead.”
“Venture capitalists only want to deal with the top 40% of the companies in their portfolios,” Pichinson said. “We get the bottom of the barrel.”
Sometimes, Pichinson and Sherwood’s 60 employees are able to salvage troubled startups by cutting costs and training the executives to rethink their ways. Sherwood even brings in an FBI consultant specializing in hostage negotiation techniques to help management.