Understanding VCs
Well, Fred is missing that not only he has seen thousand of pitches, but the more mature the industry gets (media plus ecosystem), everybody has more data at hand and an opinion.<p>Ironically his partner Albert Wenger is writing about it - Zero Marginal Cost Society etc. In other words: Compared to 5 years ago, the VC business model is about to see similiar effects the consulting industry experienced - they simply don&#x27;t have any advantage anymore plus they are competing with much more and bigger (i.e. corporate) players.<p>One other misconception: To be honest, I think the only people that are regarding his and other VC&#x27;s writing, are people from the industry that are maybe one &quot;hierarchy level&quot; (or magnitude of fund size) smaller then them. Associates in accelerators etc. that are praising his genius or create the social media buzz but are actually just trying to hitch hike on his credibility. It&#x27;s like pedding on each other&#x27;s back because they regard each other as insiders, but actually they have lost base with hardcore tech innovation a long time ago (since moving into their ivory tower of we know so so much more then average Joe)<p>Edit:
...especially since their bad gone bets become more and more obvious