AH is trying to get into the very few Big Deal companies that are created every year. That does probably mean they're willing to "overpay" relative to other investors to get into them, if need be. But if they pick well this is only "overpaying" in the sense that Accel overpaid for Facebook in 2005. So far they seem to be picking pretty well.
I think most VCs are just intimidated by AH's conviction. It takes guts to make the moves they've made in such a short period of time. They do big things faster than most VCs do small things.
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AH is trying to get into the very few Big Deal companies that are created every year. That does probably mean they're willing to "overpay" relative to other investors to get into them, if need be. But if they pick well this is only "overpaying" in the sense that Accel overpaid for Facebook in 2005. So far they seem to be picking pretty well.
I think most VCs are just intimidated by AH's conviction. It takes guts to make the moves they've made in such a short period of time. They do big things faster than most VCs do small things.