He covers the topics of obsession with downside risk, exit and other matters, but I particularly liked his comment on the increasing absurdity of thinking too much about exit strategy:
Some investors, particularly those with a mergers and acquisitions background, obsess about who might buy your company.
At one level, this is farcical. The technology industry is growing so fast that if an investor has a 5-7 year investment horizon, the likely acquirors may not have been born yet. In my world of games, Zynga is only four years old, but has made 14 acquisitions in the last 12 months.