"Obviously if you're wrong, you don't make money, but what most people don't realize is if you're right in consensus, you don't make money because the returns get arbitraged away." — Andy Rachleff
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When investing in the stock market (where this quote comes from) it’s an auction and demand increases price substantially. It isn’t exactly the same in venture... you have to be chosen, and there are variables other than price.
Yeah, I could tell from the wording it came from a public market investor. But there are analogous phenomena in startup investing. For example, that the most promising startup ideas tend to seem bad initially.
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Everything is a market and thus same principles apply - even from Howard. Efficient market hypothesis “should” begin to apply to less efficient markets over time.
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