Umair is Wrong
Everybody is wrong about something sometime.
And Umair has proven it with this post.
There are issues with the VC business for sure, but not the ones Umair talks about in this post.
Umair says about VCs:
they exist to sustain asymmetries (in information, resource, capital, etc)
That's wrong. VCs may do a lot of dumb things (like everyone else), but we don't sustain anything.
We are in the business of investing in change.
Abnd have been since the industry was created.
And that hasn't changed.