

In Venture Capital, Birds of a Feather Lose Money Together - jcr
http://hbswk.hbs.edu/item/7316

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jcr
It seems there are a few different versions of the mentioned "The Cost of
Friendship" paper. The article links to a paywalled version from 2012, but two
updated drafts (April 2013 and April 2014) exist, and are freely available:

Draft April 2013:

[https://businessdev.drupal.ku.edu/sites/businessdev.drupal.k...](https://businessdev.drupal.ku.edu/sites/businessdev.drupal.ku.edu/files/docs/Gompers%20et%20al.%20The_Cost_of_Friendship_GMX.pdf)

Draft April 2014:

[http://people.hbs.edu/yxuan/gompersmukharlyamovxuancostoffri...](http://people.hbs.edu/yxuan/gompersmukharlyamovxuancostoffriendship.pdf)

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Choronzon
A VC may win by maximising profit but a VC employee has to protect his
reputation."We made a mistake but so did everyone else" is an unfortunately
successful defence.

“Worldly wisdom teaches that it is better for reputation to fail
conventionally than to succeed unconventionally.” Keynes

