The pizza debacle was obvious from the outset to everyone not caught up in the absurd VC idea that everything is like software and every market can be disintermediated. Furthermore, pizza-on-your-doorstep isn’t even solving a “first world problem” so much as assuming that eight spoiled programmers in Mountain View represent a global market opportunity. As for the financials, it would be hilarious to see the Excel spreadsheet that details how you can build a great company losing $75 on every $10 pizza you sell. Presumably they stole the spreadsheet from Uber…

The Vision Fund’s problem lies in the second word: vision. Real investors look for valid opportunities, not vision. Any moron can have a vision but very, very few visions ever translate into a viable company. The job of real investors is to discern which teams & ideas are viable and which are just empty stories. Apparently this basic concept remains elusive at TVF….