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Recode Decode: Y Combinator's Sam Altman

Decoder with Nilay Patel

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Investing in a Photo Shari Nap and Lose Money

Many v c firms have bad returns is that they all chase the exact same sorts of companys, and they bid those up wildly. There's some very easy things to fund, consume our absenses like that. The further away you get from software, the less you have v cis willing to write cheques. V cs are responsible to their l ps, their limited partlersn't very afraid of them. And so they dont wan to invest in anything where they could look stupid. We're not going to go take their series s. But this whole thing that, like, the v cs are worried that wy c is getting too powerful and they're going to mll a

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