> if VCs believed in what they were doing they would not take a 2% annual management fee and 20% of the upside. They’d take 40% of the upside and live on ramen

> if VCs believed in what they were doing they would not take a 2% annual management fee and 20% of the upside. They’d take 40% of the upside and live on ramen noodles So if you believed in something, you need to get rid of the concept of hedging and financial responsibility? This kind of "believing" is what a religious zealot does. No wonder people say SV is a cult.