Big Winners and Bold Concentration: Unveiling the Secret Portfolio Returns of Leading Venture Funds
The biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined.
Peter Thiel • Zero to One: Notes on Startups, or How to Build the Future
Of every twenty startups, usually only one will become a runaway success story, providing a 10X or even a 100X return to VC investors (see Figure 2).
Ilya Strebulaev • The Venture Mindset: How to Make Smarter Bets and Achieve Extraordinary Growth
VC funds can vary widely in the returns on their investments. Although the top VC funds generate extraordinary returns, the average one does not. For the VC funds that were launched in 2009, after ten years, the top 5 percent had yielded exceedingly higher returns than the stock market (S&P 500), but the median fund had a similar or lower retur
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