The market is frothy, and you are the froth A couple years ago I met a startup that ended up getting 10+ term sheets. Sequoia, as they do, won Remember talking to investors who - respectfully - had ZERO chance of winning that deal, short of the founder having been immaculately conceived by the founders of their firm So I asked: why chase something you can’t win and aren’t sure you even believe in? “That’s just what we’re told to do” Haven’t heard a peep from that company since That same week at my previous firm we invested in something with little heat. That one ended up returning ~ a fund itself in 3 years The point is not to just play the game The point is to win your game