The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified Investor Stories 458: Anti Portfolio Lessons: Netflix by Mail, Palantir at the Wrong Price, and the Cost of Price Sensitivity (Madera, Bussgang, Orlovski)
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Feb 9, 2026 
Victor Orlovski, founder and investor at R136 Ventures, shares reflections on anti-portfolio lessons and prioritizing team assessment. Jeff Bussgang, general partner at Flybridge and former entrepreneur, recounts pursuing but losing the Veeva opportunity. They discuss passing on Netflix by mail, valuation-driven hesitations with Palantir, and the cost of price sensitivity in investing.
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Missing Netflix And Palantir
- Paul Madera passed on Netflix early when it was a DVD-by-mail service with limited data proving renewability. He also passed on Palantir multiple times because the price seemed out of line despite its promise.
Price Sensitivity Can Cost Big Returns
- Early revenue and niche markets can mask potential if pricing or commercial fit seems unclear. Valuation discomfort can lead investors to miss transformational outcomes despite strong long‑term returns.
Look Past Early Go‑To‑Market Frictions
- Avoid over-indexing on current commercial footprint when evaluating long‑term potential for defense‑oriented tech. Consider institutional procurement frictions as non‑product barriers, not final market rejection.