Comment by voidmain

VCs don't invest their own money. As an LP actually putting up capital, do you prefer your portfolio companies to be run by founders (expert in their particular business, lots of skin in the game in the form of common stock, idiosyncratic compared to your other portfolio companies' leaders, sometimes a little too conservative for a well diversified investor like you), or VC partners (expert in capital allocation, somewhat misaligned incentives, also involved in managing your other portfolio companies, likely too aggressive for an investor with actual downside like you)? It's not that obvious that the latter is an improvement.