"Successful VCs have to both identify trends and determine the intrinsic value of the business opportunities the trend gives rise to. Many can do the former, f

"Successful VCs have to both identify trends and determine the intrinsic value of the business opportunities the trend gives rise to. Many can do the former, fewer can do the latter." How are VCs supposed to determine the 'intrinsic value' of a startup? There's no track record to go on! According to the book 'Buffetology', part of Buffett's research involves looking at earnings for 10+ years of any company he is thinking of investing in. http://www.worldcat.org/search?qt=wikipedia&q=isbn:9780684848211 http://www.worldcat.org/search?qt=wikipedia&q=isbn:97806... For this reason I think this article is flawed as the author doesn't really appear to know what value investing really entails.