Was the first investor an asshole for thinking what he did, or for voicing that thought? If it was for voicing the thought, is there a more delicate way he sho

Was the first investor an asshole for thinking what he did, or for voicing that thought? If it was for voicing the thought, is there a more delicate way he should have phrased it? Or should he have just kept his mouth shut, denying her useful (if insensitive) feedback?