They get a month off twice a year (in between sessions), effectively, and outside of a few peak intensity periods (interviews, demo day, maybe applications), it seems dramatically lower stress than working at a startup.

It was low stress when there were 8 startups. With several hundred, it's a lot more work. PG says it's now pretty similar to Viaweb.

Ah, yes. I guess stress scales with total size of portfolio vs. just number of companies in current batch, too.