Is There Going to Be Adverse Selection in Venture?

I think one of the things that remains to be seen is like, venture is a very good asset class if you're in the top tier assets. If you start getting into the tier twos and tier threes, there's big drops,. Versus most asset classes is very linear where, hey, to be the 76th percentile is effectively the same as the 75th. And venture, there's these very outsized returns. So if you're not in some portion of the winners, then you're not going to generate great returns.

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