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In reply to @timdaub
3/22/2023

Maybe, I guess two massively successful companies to me makes me feel the guy might know something about business. I think the survivorship bias was David listing the companies that he listed but he also said it was a partial list. Obviously there are more in the graveyard than aren’t but VC returns 25% on average.

In reply to @andrewmassa
tim 🥝@timdaub
3/22/2023

Those 25% yields are returned in a power law shape. A LOT of capital goes to waste and then it is all made back by a few investments. Individuals' contribution don't matter much. A serial lottery winner also doesn't know more about the lottery than us. Relative to our wealth: David Sacks isn't a 1000x smarter than us.