More than that: Even after ten years, that early success mutual fund won't be investing in entities that actively try to appeal to them, specifically. Contra

More than that: Even after ten years, that early success mutual fund won't be investing in entities that actively try to appeal to them, specifically. Contrast this with YC, there is probably a whole ebook lurking somewhere in the depths of the Amazon catalog that claims to coach would be founders in how to best pitch to each individual star VC. Founders are already winning if they only get funded, but investors need an entirely different kind of success. This misalignment (the funders' success is only a subset of the founders' success) is what I think Altman is talking about when he says "too many YC companies are getting funded". At the point where the two success metrics do not overlap (stretching the runway of an eventually failing startup for the maximally viable founder lifestyle), funder and founder are adversaries, which makes it a different (more difficult) situation from mutual funds.