Is the Returns Getting Competed Away?

The venture market is unquestionably a power law. Most venture firms here are getting two X on average. That's the average for the top quartile or all VC firms. Their average is two X. Right. This is the upper 25% if you were to include the 75 bottom, what would the trash? Brad, let me ask you a question. What if instead of looking at the top 10 venture firms because the number of venture firms has exploded over the last decade and a half)? Let's see. I think the point that you're not getting is the top 10 changes every vintage. And the problem is if you are a momentum investor with the wrong portfolio in that vintage, you