From Adam Lashinsky’s excellent interview with the founding partners of a16h:
Ben Horowitz, on venture capital:
It’s not an asset class. It’s not an industry. It’s the very small number of firms that the best entrepreneurs in the world are willing to take money from.
And Marc Andreesen:
The classic quote was JP Morgan himself testifying in front of the Senate, and he said, it doesn’t matter how much collateral anybody has […], you lend entirely on the basis of character.
Worth reading the whole thing.