Mea Culpa - you're absolutely right on the valuation side. I think that the majority of value in a YC investment is not in the actual cash, though. And in som

Mea Culpa - you're absolutely right on the valuation side. I think that the majority of value in a YC investment is not in the actual cash, though. And in some ways, this provides a side-by-side comparison of the difference between a 'pure money' investor and a true 'value added' investor should be getting. Given how (YC) entrepreneur-friendly this is, there must be a whole lot of soul-searching going on at VCs and other angels now : Somehow, the private equity space just got an index investor.