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I think I get his gist, but surely there is a less obscure, more helpful way to convey this. To whit: the main factors for an investment decision are beyond mere slides or spreadsheets. But in my experience, you don't get very far if you don't have them.
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I have never read a business plan or a balance sheet.
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It’s annoying because he appears to be making a virtue out of sectoral idiosyncrasies. Tech startups are specialized order-of-magnitude business vehicles, like nuclear bombs. Fermi estimation suffices. Other kinds of businesses do exist where balance sheets/ business plans matter
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And he doesn’t explicitly specify that he is valorizing behavior which only fits his (historical) role, i.e. super early stage stuff. Anybody talking to growth investors is going to need a deck and a financial forecast. It’s moronic and harmful to suggest otherwise.
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it’s a weird double sided market where the founder side needs to be able to create and maintain those things. Invested in by many investors who are very far from operations & execution.
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