"Your spreadsheet is always so wrong, you know it's usually wrong in the bad direction... and the biggest difference between when it's wrong in the bad direction and the good direction is the person running the company." - Andrew Reed (On the limits of quantitative analysis in early-stage investing) [00:07:22](https://youtu.be/JReNZ9X2IE0?t=7m22s)

"You can't find the companies with the 90th percentile…