Investor Stories 458: Anti Portfolio Lessons: Netflix by Mail, Palantir at the Wrong Price, and the Cost of Price Sensitivity (Madera, Bussgang, Orlovski)

The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified · Feb 9, 2026 · 9m

On this special segment of The Full Ratchet, the following Investors are featured:

Paul Madera of Meritech Capital

Jeff Bussgang of Flybridge Capital

Victor Orlovski of R136 Ventures

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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