It is so crucial for more and more principals to invade the investing ranks. It’s so crucial for a more inclusive set of people with a broad and diverse, ethical, worldview not tied to money to be in the investing class. Because those two cohorts will hold the line much better than agents do. Much better than people who need the job, who want the money, who want the perceived fame, who believe they are these clairvoyant pickers. These people are a scourge to a better way in which we should behave, because they tolerate behaviors.
A lot of these companies are started by younger people, and the problem is, what they want more than anything else is guidance. It’s not that they are fundamentally bad! So when you see them veering away, how do you say, “Hey, hold on, I’m checking you right now. Here’s the guardrail, you crossed it, get back on the right side.”
All roads lead back to people with a backbone. People who aren’t so desirous of money and title and stature generally have a much better backbone than people that care about those things.
https://www.marketplace.org/2017/12/19/tech/source-code-chamath-palihapitiya (24:20)