What this teaches
Altman observes that the best investments he's made were rounds nobody else wanted, and the hottest, most oversubscribed seed rounds mostly produced mediocre outcomes. Explains why consensus and quality are inversely correlated at seed.
Why it matters
Consoles and arms every founder whose round isn't 'hot': the best companies often looked bad first.
Key lessons
- Hot rounds signal consensus, and consensus returns are mediocre
- A struggling raise says little about your odds of building something great
- Look for true believers, not crowd-followers
Building your investor list? Browse 1,000+ investor profiles on VCMatch and find the funds that actually match your stage and sector.