Joel Spolsky had a popular programming blog. He mentions a site that he is involved with (SO) and suddenly it has the attention of a large number of people.
We all know Andrew Warner, what a nice guy is his, how good he is at building relationships. We visit his page often.
Don't you think that this alone is an extremely valuable commodity?
If Andrew decided to start a venture, or to invest and promote a venture, he would have the eyes and ears of the HN community in short order.
That is worth far more than any paywall revenue.