liquidation preference

“Like every time you get your money back as a VC, it means you made a mistake in some ways.”

“If you're a founder listening to this and you're contemplating an up round with a liquidation preference more than one or a down round, do 100% of the time do the down round.”

“Those provisions exist for a reason, which is because in harder times, being able to get back one X, not 0.2 X actually across several companies, which is often the case makes a big difference. It can make a half turn on a fund.”

“Well, I would disagree with Nick, because I would say, prefs are fundamental. Saying, you should give your investor your, their money back, right, before you kind of, you know distribute the spoils to everybody. I think that's a fair tenet.”

“I think it's overrated. You know, as I mentioned before, our deals, our investments, are not real investments the way you go by Apple shares on the stock market. They are long-term contracts around a vision, and ultimately it doesn't really move the needle tha…”

“You don't really care as a late stage investor. You don't care whether it's one or one Oh six or nine 84, because you're making the exact same amount.”

“I don't believe liquidation preferences matter. I don't believe they're a big deal, despite what they are next. But my liquidation preference has always been, and I put it in quotes, not true, knowing the founder would never quit. That's my protection as a see…”