Not if you're a VC. The whole point is to see value where it's not obvious, because it hasn't materialized yet.
If there isn't a huge spread between the obvious present value of a business and its /potential/ value, then you can't make an investment where you expect a 4x-5x return. Those kinds of returns only show up when there's a lot of uncertainty around both the current value AND the future value (and most of the value of a new VC business comes from the discounting of its future value, rather than a calculation based on its current performance.)
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Not if you're a VC. The whole point is to see value where it's not obvious, because it hasn't materialized yet.
If there isn't a huge spread between the obvious present value of a business and its /potential/ value, then you can't make an investment where you expect a 4x-5x return. Those kinds of returns only show up when there's a lot of uncertainty around both the current value AND the future value (and most of the value of a new VC business comes from the discounting of its future value, rather than a calculation based on its current performance.)