What would failure-rate adjusted valuations of startups look like? VC-firm-level returns are meaningful, but it’s weird that individual valuations are a vanity metric. Valuation: price at which you sell a % to a private group that is expecting median investment to be worthless.
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Ah got it. Valuations are how startups do virtue signaling
It’s basically BIRGing *average* returns in a power-law sector where *median* returns are more meaningful but far less flattering.Show this threadThanks. Twitter will use this to make your timeline better. UndoUndo
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