* They always say what they really care about is the team [you]. Actually what they care most about is your traffic [stock], then what other investors think, then you.

* They are afraid of looking bad.

* They can’t make up their minds.

* They like it when you don’t need them.

* Being turned down by them doesn’t mean much.

* They are emotional. Investment negotiations can easily turn personal. If you offend investors, they’ll leave in a huff. Even after a term sheet, it may be several months to a deal. It’s not uncommon for them to get buyer’s remorse. If they do, they’ll usually seize on some technicality or claim you misled them, rather than admitting they changed their minds.

* They look for founders like the current stars.

* They collude. They are constantly trading little favors. Though a professional investor may have a closer relationship with a founder he invests in than with other investors, his relationship with the founder is only going to last a couple years, whereas his relationship with other firms will last his whole career.