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I think they're referencing YC specifically. While money is money, there is a prestige put upon the acceptance into YC (obviously more so in this community). This, I believe, is what's being discussed. Not the validation of business ideas via VC investment.

Or...he described part of the formula that determines how much he can cash out for...which backwards looking is a function of company success.

I think you are contradicting yourself. YC is not just an investor. And may be he just cares about money.

Maybe, or maybe you lack logic + specific situational insight. Perhaps you spoke too soon, before understanding.

Your case is true only if "YC" === "All Investors"