Why do VC portfolios lose more in a recession than non VC firms?

In a “down turn”, “head wind”, “rough environment”, (your favorite avoidance phrase here), VCs are shown to have picked the loser, the losing market, the worst management, the weakest company to survive the desert. And VCs are the first to batten down the finance structure and cut costs. Why? Any answers from those MBAs with their tired Macs hanging around Starbucks?