[freedsoftware]

I've seen this as well. VCs are actually terrible at their investments by and large. They mostly use gut instinct or personal networking as their determiner of whether to invest in stuff.

That's a poor heuristic and it is why so many people continue to fail upward.

[lordnacho]

This is among the problems of capitalism. We act like it makes sense for the winners to decide about the resources (money, businesses) they've won because their success suggests they are good at administrating it.

What happens? They spunk their money on kids who are playing League of Legends during meetings.

I've not often been in an investor meeting where the investors asked smart questions. They send people who aren't equipped to think about what they're shown. They think DD means making sure your accounts can't be stolen by the boss.