I was a VC back in 2000 when McKinsey was running around Sand Hill talking about how bad venture returns were compared to much more liquid asset classes. Unfortunately, time has demonstrated it doesn't matter too much to private equity as a class.
I love Naval and think AngelList will be a wild success (arguably it already is). But it's not a zero sum game. There is too much liquidity chasing too few venture partnerships and too much hope of being the one to invest in the next Google|Facebook|Twitter for AngelList to be destructively disruptive to venture investing.
I love Naval and think AngelList will be a wild success (arguably it already is). But it's not a zero sum game. There is too much liquidity chasing too few venture partnerships and too much hope of being the one to invest in the next Google|Facebook|Twitter for AngelList to be destructively disruptive to venture investing.