Mostly new-ish VC funds say "price doesn't matter early, it's a black swan biz, just get in the good deals". Some are successful, but many just paper markups. Lots of old-ish successful VC funds think price matters. It's not the only thing but you can't just ignore it.
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I think that could also be said about some public equities
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This presumes an efficient market. Venture is not an efficient market pre-product market fit. But this dichotomy misses the important bit. A price is not high or low in the abstract. It’s high or low with respect to the risk & upside potential.
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Price both does and doesn’t matter. You can make money by 1) getting into the deals that everyone wants (expensive); or 2) getting into the deals that nobody wants - as long as you’re right in both 1 and 2.
End of conversation
New conversation -
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Vision Fund!
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Venture capitalist's dilemma
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