This is a really good point, and explains why later-stage investing seems so wacky vs early and mid stage. The decisions to invest in later-stage startups, eg U

This is a really good point, and explains why later-stage investing seems so wacky vs early and mid stage. The decisions to invest in later-stage startups, eg Uber, seem more influenced by other investors and the fear of missing out, while early to mid stage might steer closer to the independent decision making model.