Wagner: VC partners are rarely punished for consensus mistakes
Peter Wagner · Peter Wagner: 27 Years of Investing Lessons of Picking Founders, Price Discipline & Reserve | E1123 · 20VC with Harry Stebbings · Mar 6, 2024 · at 3:57
Peter Wagner, founding partner of Wing Venture Capital and former Accel Managing Partner, discusses how herd behavior and incentives drive venture capital mistakes during market cycles.
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“There's this kind of safety in the herd thing, and I, a belief within, you know, firms and partners, and not incorrect, that if they're making the same mistake that everyone else in the industry is making, they probably won't be punished for it, because, you know, the capital has to go somewhere. And you know, so the real dangerous thing is to make the unusual mistake that no one else made.”
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