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Within Silicon Valley, Andreessen Horowitz is famous for bidding valuations to heights that make rivals uncomfortable. In some ways, Andreessen Horowitz is a talent agency as much as a tech investor. Since its founding in 2009, Andreessen Horowitz has become a top Silicon Valley venture capital firm by adhering to a simple mantra: It’s all about the talent. Worse, Andreessen Horowitz isn’t just a beneficiary of behavior that’s driving up valuations. But what if the Andreessen Horowitz partners have the analogy wrong?

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