Keep in mind that this can also be code for "we didn't get a good vibe from you, but since it's hard to explain intangibles, we'll say it's not our type of mark

Keep in mind that this can also be code for "we didn't get a good vibe from you, but since it's hard to explain intangibles, we'll say it's not our type of market." Investors also aren't necessarily above hand waving to spare feelings.