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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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    Paul Graham‏Verified account @paulg 13 Sep 2016

    I continue to be surprised how nasty VCs get when cos fail. This is not where the returns are. Why fight the founders over the scraps?

    12:57 PM - 13 Sep 2016
    • 176 Retweets
    • 499 Likes
    • Brandon Wilson Joe Robison Julian Moncada Björn Goss Pearl Freier Andrew Jude Alex Moore Adam Besvinick Phil Johnston
    29 replies 176 retweets 499 likes
      1. New conversation
      2. Jeff Atwood‏Verified account @codinghorror 13 Sep 2016
        Replying to @paulg

        what do they say when you ask them why? Perhaps this is a sign of a bad (not smart) VC.

        1 reply 0 retweets 13 likes
      3. Paul Graham‏Verified account @paulg 13 Sep 2016
        Replying to @codinghorror

        I know why they do it. They're disappointed, and it makes them petulant, like children.

        7 replies 7 retweets 39 likes
      4. Paul Graham‏Verified account @paulg 13 Sep 2016
        Replying to @paulg @codinghorror

        Rationally they know this is not where the money is, but they can't help themselves.

        1 reply 2 retweets 19 likes
      5. 1 more reply
      1. New conversation
      2. Dominic Wilson‏ @Dom7Wilson 14 Sep 2016
        Replying to @paulg

        although no excusefor nastiness, all VCs have fiduciary duty to get best deal for their LPs/investors. Applies in both up/downside

        1 reply 0 retweets 0 likes
      3. Paul Graham‏Verified account @paulg 14 Sep 2016
        Replying to @Dom7Wilson

        That duty implies they should spend their finite time looking for and helping cos that will succeed.

        2 replies 0 retweets 0 likes
      4. Dominic Wilson‏ @Dom7Wilson 14 Sep 2016
        Replying to @paulg

        That should be the focus of course, but its also about minimising losses if you can. That is not a process to just walk away from

        0 replies 0 retweets 0 likes
      5. End of conversation
      1. Mungerisms‏ @mungerisms 13 Sep 2016
        Replying to @paulg

        Parable of the Scorpion and the Frog. "I cannot help it, it is in my nature..."

        0 replies 1 retweet 4 likes
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      1. New conversation
      2. Colin Percival‏ @cperciva 13 Sep 2016
        Replying to @paulg

        They want to establish a reputation for demanding what's theirs, and don't realize they're establishing a reputation for being nasty.

        1 reply 1 retweet 1 like
      3. Colin Percival‏ @cperciva 13 Sep 2016
        Replying to @cperciva @paulg

        The former is theoretically useful since it dissuades people from trying to take advantage; the latter obviously harmful in practice.

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. Chris Turlica‏ @CTurlica 13 Sep 2016
        Replying to @paulg

        @jesslivingston don't they have a fiduciary duty to their LPs to return any capital that is legally theirs? Reputational damage worse

        0 replies 0 retweets 1 like
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      1. Matt Fletcher‏ @_mattfletcher 13 Sep 2016
        Replying to @paulg

        @PhillipKingston also do t forget VCs are often playing with others people money. They need to be more accountable than sympathetic.

        0 replies 0 retweets 1 like
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      1. James Hubbard‏ @bardhub 13 Sep 2016
        Replying to @paulg

        Loss aversion. It hurts when you lose. https://en.wikipedia.org/wiki/Loss_aversion …

        0 replies 0 retweets 1 like
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      1. John Furrier‏ @furrier 15 Sep 2016
        Replying to @paulg

        They really miss the big picture when they burn the entrepreneur over what? great point.

        0 replies 0 retweets 0 likes
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      1. Robert Solomon‏ @rsolo20 14 Sep 2016
        Replying to @paulg

        I get surprised by the fact that VCs are surprised at such failures. Failure does not happen over night.

        0 replies 0 retweets 0 likes
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      1. James Lau‏ @jamesmoves 14 Sep 2016
        Replying to @paulg

        loss aversion

        0 replies 0 retweets 0 likes
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      1. Sagar Gupta‏ @guptasagar012 13 Sep 2016
        Replying to @paulg @binnybansal

        #FAKE_FRAUD_Beggars_Worst_FLIPKART

        0 replies 0 retweets 0 likes
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      1. euro2444‏ @EURO2444 13 Sep 2016
        Replying to @paulg @binnybansal

        when the founders have fleeced the company

        0 replies 0 retweets 0 likes
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      1. Make A Coder‏ @makeacoder 13 Sep 2016
        Replying to @paulg

        there are only a few VCs that are good, everyone else is just a shrewd businessman. They will fight to the last penny. #badVCs.

        0 replies 0 retweets 0 likes
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