The game on the field has shifted - gaining access to deals is where alpha is. The top firms know what cos have the DNA to be a winner at inception & now just fight for their slice of the +EV pie. It's why you see bigger rounds for less dilution earlier. Venture Capital is Reflexive. My job as a "first check" investor is to make the deal as consensus as possible, as soon as I sign the SAFE. It's why I have some of the biggest firms in the valley as LPs. Everyone is mad because it feels like he's talking his book, but Martin is right. If your competitor has a firm trying to "kingmake" them and builds a coalition of top firms, you will never be able to compete without somehow building your own coalition. However, the more top firms that are involved, the less likely it is that you'll be able to convince any of the t1's to invest in your company instead of just piling into the "winner". Ramp is a good counter example, but it's an exception that proves the rule.