Arlo, Your post was a truly thoughtful, candid exposé on something made out to be far smarter and more complicated than it really is. I’ve seen decisions be made on the most basic of human reactions, i.e., ‘He went to Stanford too’, ‘He made money for buddy last year’, ‘She presents well and I could use that app’), vs. quantitative or rationale qualitative analysis. At the end of the day, investors are people. Admit it not, people prefer to do business with people ‘like us.’ This in part explains why investors invest in management teams that look like them. This is also why we see a paucity of women and people of color getting funded. We’ve evolved over millions of years but when it comes to money, I daresay investing is tribal. We’re along way from automating this most basic activity — backing others with our own money.