It took us some time to realize that:
- in ~ 80–90% of cases we want to do our pro-rata anyway
- in ~ 5-10% of cases we don’t want to but kind of have to, to prevent harm from the portfolio company due to bad signaling
- committing to our pro-rata in the remaining ~ 10% might lead to some sub-optimal capital allocation, but this will be far offset by all the other advantages.

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Internet entrepreneur turned angel investor turned micro VC. Managing Partner at http://t.co/5WJ3Pepbcv.

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