VCs are generalists, and other lies

This is ideal! VC generalists may be successful businessmen in the general sense, but investors who don't know your industry are inherently dumb money regardless of how much they swear up and down that they bring value to the table.

It depends on your definition of 'generalist' and 'specialist'. To an engineer working on the low level details of a product that matches the specifics of the market to the specifics of the technology, a V.C. claiming to be a specialist b/c their rolodex is predominately in their industry will cause a lot of eye-rolling. It's all relative.