If it is true that...

Startups raising money occasionally alienate investors by seeming arrogant

and

The danger of behaving arrogantly is greatest when you're doing well

Then it must be true that...

Investors who reject you are some of your warmest leads for future fundraising

If it is true that...

Investors who reject you are some of your warmest leads for future fundraising

Then it must be true that...

Good investors don't lead startups on; their reputations are too valuable

If it is true that...

The danger of behaving arrogantly is greatest when you're doing well

and

Investors who reject you are some of your warmest leads for future fundraising

Then it must be true that...

Assume the money you raise in phase 2 will be the last you ever raise