Insights from First Round Capital's LP Letter

First Round shared its recent LP letter. Covers public / private valuation discrepancy (and predicted convergence), valuation math (moving to unit economics), market participant psychology, operating emphasis (milestones, cash management, survival, self-sufficiency) and the opportunity ahead (good businesses get built in all environments, but you need to be able -- still in it, with enough freedom to operate, healthy -- to participate) Always interesting and good for learning to see what VCs say to the people they raised money from. http://www.scribd.com/doc/302198774/First-Round-Capital-Q4-2015-LP-Letter