VCs and Billy Beane

Interesting piece here profiling some thoughtful recent comments by Sequoia Capital partner Michael Moritz. While Moritz engages in a bit of revisionism about his firm’s investments in Cisco and Yahoo — neither was originally as hang-dog as he self-servingly portrays them — he makes fair points about the role of contrarianism (Billy Bean-style) in venture capital, why putting “a lot of money to work” isn’t a good idea, and why patience is underrated.