Got pulled into a Series B deck review last year. We were looking at this fintech startup, and their user acquisition cost was crazy high, like $300 a customer. I pushed back hard, asked what their LTV actually was. They fudged the numbers, claiming a 5x LTV. Turns out, their churn was brutal, and they were burning cash faster than a VC's wallet at a demo day. We passed. Always ask what the sample