The Impact of the Power Law on Portfolio Construction

The returns you're able to generate from those types of investments have just fundamentally diminished by a factor of 10. And notwithstanding that you can still generate outsized returns in VC and for what it's worth, we target five times cash on cash for our investors. So I think not only do we enjoy the emotional partnership approach of working with founders to make it happen but there's also some sort of sound technical reasons why I think the impact of that power law has just decreased over the last few years.