Seeing that YC's demo day is coming soon, it's awesome to be able to peer into PG's mind - this essay along with "How to Convince Investors" must be the exact advice relayed on to the current YC batch.
That is exactly right. I'm trying to get a complete guide to fundraising done in time for Demo Day, so I don't have to repeat all this stuff verbally (and incompletely) yet again. There is at least one more coming on fundraising tactics.
Thanks for sharing this with all of us outside the YC world! I've really appreciated the shower of wisdom in your recent burst of essays, and I'm sure others appreciate it too.