> My semi-cynical thesis is that VCs need home-run logos on the Portfolio page of their website to keep their spot at the dealflow table. The causality probabl

> My semi-cynical thesis is that VCs need home-run logos on the Portfolio page of their website to keep their spot at the dealflow table. The causality probably isn't: LPs want home runs -> LPs look for home runs on VC pages -> VCs deliver home runs. Rather, it's probably: In the VC space, home runs make up the majority of the EV -> This common fact supports LPs looking for home runs, and VCs looking for home runs. There are probably some synergistic effects where the two are more than additive, but I think the underlying cause must be that in VC space, home runs make up the bulk of the return. To see this, consider PE firms or mutual funds -- are these industries a lot less into home runs? I would argue yes -- that for these firms they are measured by LPs by their historical average returns, or fees, or whatnot. Because in these firms that's the closest proxy for skill. Whereas in the VC world, home runs are the proxy for returns.