We all know VCs worship at the altar of the huge liquidity event, so it's no surprise to hear one speak of cashing out as utter blasphemy. But finger-wagging a

We all know VCs worship at the altar of the huge liquidity event, so it's no surprise to hear one speak of cashing out as utter blasphemy. But finger-wagging about "how it's done" and how "everybody benefits" is excess protestation, especially considering the Facebook counterexample. Investors have to look after their stake and so does every other shareholder. It's not a moral issue whether a VC gets founders to take a Warren Buffett never-cash-out vow or lets them take pre-liquidity money. It's a strategic, market-driven business arrangement made by people whom are accountable to the company's shareholders. If I was Ron, I would try harder to look at "paying off" as an opportunity even if I dismissed it in interviews. I hope he's doing that!