Definitely. I've met them and I'm well aware who they are and what they've done. I was _not_ talking about Sequoia or any of the VCs listed here: http://ycombi

Definitely. I've met them and I'm well aware who they are and what they've done. I was _not_ talking about Sequoia or any of the VCs listed here: http://ycombinator.com/topvcs.html http://ycombinator.com/topvcs.html (I know for a fact Greylock doesn't take a management fee). That list is roughly the smart money even if it is somewhat dated. On the hedge fund front, Clarium has reduced management fees and higher performance payouts. Those types of VCs and hedge funds are few and far between, however. I was talking about the industry in general. Love the outlast instead of outgrow quote. I think your last paragraph is dead on.