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.
Yeah see follow on tweets. I’m objecting to precisely the use of individual valuations to talk about the company rather than the portfolio value of the VC (which is fine)