Early Stage VC is 100% power-law so
Diversification of returns matters less.
Individual investments have capped downside /exponential upside
Late-stage VC is increasingly a normal distribution w significant downside & capped upside
So diversification of returns matters
Hear @SamirKaul1 discuss dangers of conservatism in venture & importance of upside maximisation & not selling winners too early. As LPs @Beezer232@MKRocks@AlexBangash how important is diversification of distributions vs pure cash on cash returns? buff.ly/2uOg0ZA#vc#lp