Just realized the huge management fees charged by VC firms are an instance of the Baumol Effect. Good VCs could start their own startups if they wanted to, thus have to be paid enough not to.
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Also, (as a VC) I'm very skeptical that a typical VC would be a great founder :).
True, but an increasing number of VCs could, and LPs don't know which are which.
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That is an interesting twist: trading on the information imbalance of principals
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