> 1) USV last found has $175m under management - their average ticket will be around $1-5m Series A and $5-15m in follow-up rounds. ($300m is what PE does...)

$300M is not what PE does. PE can do anything from $500k to $10B+. PE also take a majority stake typically...it's a different beast.

> The reason they are still getting money is the image they are upholding together with their echoing fanbase.

The reason they are getting money is because their LP's are getting a return. Most of their LP's are pension funds. They continue to put money in USV because it returns them money. It's that simple.

> How many people are at USV, 8 maybe? By all science, they have no chance to be smarter than the (much more connected) market anymore.

12 if you include EA's. A PE fund I work with has 25 employees, $3B AUM and very profitable. What's your point?