Bingo! Stewart knows how to play the (VC) game and doesn't want to dilute a new idea more than he has to. As for Accel, they don't want to have to write down an

Bingo! Stewart knows how to play the (VC) game and doesn't want to dilute a new idea more than he has to. As for Accel, they don't want to have to write down an investment until the last possible minute. Doing so would depress their mark to market for the fund.