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Livingston: What advice can you give about raising money?

Graham: The advice I would give is to avoid it. I would say spend as little as you can, because every dollar of the investors’ money you get will be taken out of your ass — literally in the sense that it will take stock away from you, but also the process of raising money is so horrible compared to the other aspects of business. You can’t work your way out of it like you can with other problems. You’re at other people’s mercy.

— Paul Graham

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2010.11.30 Tuesday ACHK