Aircraft Carriers, Death Stars and Why “Seed is the New A” (Director’s Cut) – Wing
Analyses from academics, limited partners and even venture capitalists show that fund returns and top-performing companies are disproportionately concentrated in the portfolios of the very best venture firms. Of course it is true that even the best firms often make bad investments, and mediocre firms sometimes make good investments. But it is also true that the highest quality firms vastly outperform the rest, with strong persistence effects.