From 2005 to the end Yahoo’s role in the SV ecosystem seemed to be the people who would buy any company if the founder had the right connections, for instance the son of a private equity lord who licensed a worthless patent from Stanford that Yahoo paid $100+ for.

It is a magical way to turn “anybody” into a successful founder or VC if they’ve got the right connections and in fact you can create both ex-nihilo in one transaction.

If you read the newspapers you’d never find out that 70% of acquisitions achieve their goals. A lot of that is you hear more about the ones that fail and not the ones that succeed. The ones that fail give many people the impression that there is nothing rational at all about how acquisitions happen in corporate America.