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paulg's profile
Paul Graham
Paul Graham
Paul Graham
Verified account
@paulg

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Paul GrahamVerified account

@paulg

paulgraham.com
Joined August 2010

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    1. halvarflake‏ @halvarflake 29 Nov 2019

      halvarflake Retweeted Paul Graham

      Because other investors are naturally aligned with your incentives? *Furrows brow*https://twitter.com/paulg/status/1200372245123743745 …

      halvarflake added,

      Paul GrahamVerified account @paulg
      All other things being equal, avoid "strategic" investors. What that word "strategic" means is that they have ulterior motives that are unlikely to be aligned with yours.
      1 reply 1 retweet 15 likes
    2. Paul Graham‏Verified account @paulg 29 Nov 2019
      Replying to @halvarflake

      Yes, financially, by definition of "investor." They're buying stock in the same company whose shares constitute most of your net worth. There are edge cases where this breaks, but essentially this fact is what makes venture funding work.

      2 replies 0 retweets 2 likes
    3. halvarflake‏ @halvarflake 29 Nov 2019
      Replying to @paulg

      I would agree more if most founders were diversified in their net worth as the funds are; but both you and I know that the desirable risk profile for first time founders is quite different than the desirable risk profile for the VC?

      1 reply 0 retweets 0 likes
      Paul Graham‏Verified account @paulg 29 Nov 2019
      Replying to @halvarflake

      Of course, I've written about it extensively. But this misalignment is smaller than a typical strategic investor's.

      5:06 AM - 29 Nov 2019
      • 1 Retweet
      • 2 Likes
      • Mohammed Makhlouf halvarflake
      1 reply 1 retweet 2 likes
        1. New conversation
        1. halvarflake‏ @halvarflake 29 Nov 2019
          Replying to @paulg

          That may well be - I have to admit I do not know what the "typical" strategic investor looks like. Are Intel Capital and GV considered strategic?

          1 reply 1 retweet 1 like
        2. Arjun Narayan‏ @narayanarjun 29 Nov 2019
          Replying to @halvarflake @paulg

          No. A strategic investor would be like Slack or Microsoft. Having a clean LP/GP structure is pretty insulating, GV would be fine.

          0 replies 0 retweets 0 likes
          3. End of conversation

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