Well ya, if some VCs aren't open to new investors then LPs must invest with emerging managers. The extent to which top managers will revert to the mean is anyon

Well ya, if some VCs aren't open to new investors then LPs must invest with emerging managers. The extent to which top managers will revert to the mean is anyone's guess and years away from an answer. Why not just call it like it is...VC is really just a people business, there's money involved, but trying to quantify the process at all can be misleading. A VC firm is a small group of people (partners) using their best judgement and experience to find another group of people (founders) worth investing in. That's it, there's a ton of key man risk and there's no secret sauce. Lowercase and Matt Mazzeo are a great example: VCs are basically just like Hollywood talent agents who get to find the next movie stars and help them along a bit - but in VC they are finding the next big tech founders instead of actors. These are people businesses, numbers can't really capture it but they can distract. I didn't mean to get into a statistics debate on here. The great thing about VC and startups is everyone gets to be right until they're not :) Sidenote: I hear you guys are running one the best shops in the space. Congrats on the recent close. Best of luck to you and your portfolio co's.