It is critical to bundle all future variable costs of supporting the customer in order to fairly estimate the future contribution. 
No one's fearful, everyone's greedy, and it will eventually end.
Venture capital is unscalable. Production equals the time each partner has. 
The first time you went to eBay, you probably didn't do a transaction.
There is no fear in Silicon Valley right now,
Silicon Valley is way more correlated with Nasdaq than anyone admits.
Over the past 10 years, the majority of value creation in the venture community has been in consumer Internet. 