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I think that advice is out-of-date now - and in Silicon Valley, the advice was given by "literally the worst person in the world", so I didn't see it as being advice anyone was meant to take seriously.

Not at all. This is probably the one thing they've gotten the most right so far.

It's not unique to tech stocks - it's very deep part of investor psychology.

E.g. in a romantic relationship, people being far more enthusiastic and more willing to invest in a partner with high perceived future potential earning and other value, than in a partner who's already clearly laid out all their cards.

Yes, but the character who gives that advice is very blatantly portrayed as a moron (by the way, does anyone know who are the inspirations for the character?)

The 'radio on the internet' bit seems to point to Mark Cuban being at least a partial inspiration.

It's a thinly veiled Mark Cuban, who sold his radio on the internet startup to Yahoo and has since managed to increase his net worth from 2.5 billion dollars to a whopping 2.7 billion dollars.

To be fair, he also owns a basketball team.

A measly $200,000,000

Exactly. Then you can tell investors you are "pre-revenue"