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BOSTON — These are heady times to be working in venture capital, a fact that is making some venture capitalists nervous.

A sense of foreboding hung over a panel discussion here on Sunday aimed at Harvard Business School students considering careers in venture capital. With waves of financing moving through Silicon Valley — pushing up valuations for hot start-ups and allowing talented engineers to command seven-figure salaries — the question that the panelists debated wasn’t whether the venture capital market was hot. It was how and when the cycle would end.