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Clearly VCs are underfunding advertising backed companies.

Based on the past 150 years of so of history, ad-supported companies have consistently delivered excellent returns. First the newspaper empires, then TV, then Internet.

I agree. Advertising leverages an unknown variable pricing structure to it with potential deep pocketed buyers. As long as you have the "viewers" you are golden. As with everything it is better when someone else is paying than when you are buying.

Don't you think there's a bit of a selection bias there?

Well.. yes? Isn't that sorta, kinda the point?

Additionally, exactly the criticism could be made for this list.

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