The Challenges of Investing in the Stock Market

I was speaking at a university trustees group in North Carolina, they invested in my venture fund about a week ago. They had about 5% of their money allocated to venture capital, the other 95% to other stuff. And this was just a shocking thing to them, because they didn't think these two things are connected at all. I suspect that if you were in a completely static world, let's say you were living in the late declining stages of the Roman Empire from 400 AD to 500 AD, you probably would have been done extraordinarily well to sort of get something like zero.