It wasn't Arrington who said that. He was quoting VC's who had said that.
There’s a worry among venture capitalists, [Arrington] said, that angels are training “an entire generation of entrepreneurs who are building dipshit companies” that sell to Google for $25 million. In fact, that criticism might be extended to Y Combinator as well, which could be seen as “the king of the dipshit companies.”
Arrington said he isn’t on-board with all of that criticism, but that it holds a “kernel of truth.”
Point taken; he was quoting an unnamed VC who said that and he believes there's a kernel of truth in it. He's also been characterised as supporting that point of view; on stage yesterday Chris Sacca straight out placed "his" words feet and he didn't take the opportunity to refute it:
MA: No one is talking about the entrepreneurs.
CS: That’s not true. You call some smaller companies “dipshit” companies, but they’re not.
Another quote from VentureBeat:
"TechCrunch Editor Michael Arrington, who moderated the panel, had previously criticized some angels for funding “dipshit companies” that think too small and aim to be acquired by Google for around $20 million"
Arrington has never claimed to be building a company in the vein of those he covers as a journalist. It's more of a "very successful media outlet" than a "dipshit tech company."
http://www.avc.com/a_vc/2010/07/lead-investors-dipshit-compa...