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This will probably come off as dickish, but that is not my intention.

No where in your comment did you outline where my reasoning is wrong. Losing vs Loosing. Instagram doesn't address why they are dropping series A investments. 300x growth on nothing is still nothing.

As for seed investments into YC companies, who cares? If they are getting out of the seed and series A game, I assume that that extends to everything else.

The fundamental point is that the further you move down the investment line the less you are likely to be able to identify revenue before it happens.

I don't take it as being dickish. When did they ever have that golden touch you refer to?

None of the exits, except Instagram, listed on Wikipedia were invested in at a seed or A stage. http://en.m.wikipedia.org/wiki/Andreessen_Horowitz

alternative perspective VC SV startup is at a tipping point and "smart money" is being more cautious ( conservative ) as the market swings down .

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