Yes. If one looks in the extreme at Google or Facebook, it took both the founder and the market. I think VCs view it easier to replace a C+ founder in an A+ mar

Yes. If one looks in the extreme at Google or Facebook, it took both the founder and the market. I think VCs view it easier to replace a C+ founder in an A+ market then figure out what to do with an A+ founder stuck in a C+ market. I'm not arguing the morality of this, just following on their thought process. He does backtrack on this later. The key lesson for me was to always invest in exceptional founders — you can always find the money to make subsequent investments in their companies. Money is more abundant than opportunities. I really kick myself for not having written Jeff a check when I met him. He’s a fantastic entrepreneur and I knew it – I blew it.