Bill Gurley (Benchmark) delivers the ultimate due diligence checklist *for founders* to evaluate investors. It warns against 'Tourists' (funds that dip in and out of sectors), 'Lazy Board Members', and funds with 'Misaligned Time Horizons'. The checklist flags dangerous terms like 'dirty term sheets' (participation rights) and behavior like 'slow playing' a deal. It emphasizes that taking money is a marriage without the possibility of divorce, so diligence on the partner's character is paramount.

Diligence goes both ways. This archive empowers founders to audit the people writing the checks. It provides the questions you should ask a VC's portfolio CEOs before signing, ensuring you don't end up with a partner who panics at the first sign of trouble.