In most investments (stocks, mutual funds, etc) winners in one period don't extend to another, and certainly not over the long term. VCs are the exception. Th

In most investments (stocks, mutual funds, etc) winners in one period don't extend to another, and certainly not over the long term. VCs are the exception. The best VCs do seem to outperform over time. (Most don't though) Some of it is self-fulfilling: they get the best deals, and are the least likely to get screwed over by short term thinkers. I believe that some of it is also to judgment. Should you listen to someone just because they have capital? No. Should you listen to someone because they've got an insanely high batting average guiding startups? Yes. If you have one of the All Stars, by all means take what they say seriously.