[tschwimmer]

If this is true why not just be a VC? You could pick all these unicorns at a great value. Even if you don’t put any of your own money in the fund you will make vastly more on the fund fees than you would have as even CTO.

I think you’ll find that consistently picking unicorns is essentially impossible across a long time frame.

[fizx]

If any VC could have bought $TWTR at a $280MM cap in 2010 they would have. Only employees got that deal. Twitter was already a unicorn, but the internal paperwork hadn't caught up yet.

It's arbitrage, not clairvoyance.