[nugget]

For point #1, it's the exit price that matters. Whether the exit takes the form of an acquisition or an IPO, is incidental. I've done both multiple times. Acquisitions tend to be faster, cleaner, and easier exits. IPOs are tough, and once public, you're often locked up.

>The E(V) at larger companies is awesome by comparison.

It's not just comp that's variable, but experience too. Fast-growing startups offer career opportunities that you'd rarely see at FANG. Even if your goal is to simply minimize risk and maximize upside, the optimal path is probably something like bouncing back and forth between FANG for the cash comp and fast-growing startups for the career acceleration.

Not to mention the type of people who thrive at early stage startups typically can't stand FANG environments, and vice versa.