The best insight I heard from a founder was to realize most VCs goals aren't to have a successful exit, but to have a successful next round of funding.

It makes sense when you realize the time horizon for successful VC plays is long and VC firms need some metric to determine which people are funding or promoting good bets.

Much of VC behavior makes a lot more sense when you understand this. It's not the firm you are selling to (for mid to large VCs) but your contact there specifically.

Goodhart's Law strikes again.

If you're raising on the presumption the bubble is about to burst, aren't you raising on a fraudulent premise, or at least at a price you know isn't accurate?

Good advice but still:

> investors warn the good times won’t last forever

Umm ... these aren't short-term investors. They are investing because they think at least one of their bets will pay-off.