There's always going to be a battle between VC money/specialists and Much-much-bigger money/generalists (ala hedge funds, asset managers, private arms of big banks or corporations). Some of these 'big money' folks actually don't need as high IRR as a VC, or can pitch to their own management the type of synergies or 'track record' they are building by paying a premium now.

Marc's "heads up and watch out" falls short in one key respect: it doesn't give any color. It doesn't let the newbie startup CEO understand what bed he might actually get stuck with before it's too late. It doesn't provide any detail about what to really look for or the types of terms and conditions that get discussed 'in more detail' when the offer and final paperwork start getting hashed out.

And from that perspective, it is a bit of a disservice to a newbie because if such a CEO starts to immediately take Marc's words at full value (and it's hard not to, given the legend that he is), that creates a negative bias and an air of skepticism if that newbie CEO is approached in the future by big money and overly large valuations.....

and that, would be a clear negative to the startups, and a clear positive to the VCs.