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"But while Microsoft did really well and there is thus a temptation to think they would have seemed a great bet a few months in, they probably didn't. Good, but
by michael_nielsen 13y ago
"But while Microsoft did really well and there is thus a temptation to think they would have seemed a great bet a few months in, they probably didn't. Good, but not great. No company, however successful, ever looks more than a pretty good bet a few months in."
As an example, Bessemer Venture Partners passed on investing in Apple, Google, Intel, eBay, FedEx, and many other big companies. Their "anti-portfolio" makes amazing reading, and vividly demonstrates how hard it is to pick winners:
http://www.bvp.com/portfolio/antiportfolio http://www.bvp.com/portfolio/antiportfolio
- emhart 13y agoWhat a phenomenal bit of copy from a VC company as well. This paragraph in particular: Our reasons for passing on these investments varied. In some cases, we were making a conscious act of generosity to another, younger venture firm, down on their luck, who we felt could really use a billion dollars in gains. In other cases, our partners had already run out of spaces on the year's Schedule D and feared that another entry would require them to attach a separate sheet. had me laughing aloud as it completely took me by surprise. Thanks for the link!