5 is the often overlooked one. The quality of the opportunities that at one sees is a huge driver of ultimate returns. Two equally skilled VCs with differing qu

5 is the often overlooked one. The quality of the opportunities that at one sees is a huge driver of ultimate returns. Two equally skilled VCs with differing quality deal flow are going to have different returns. So brand and networking are material drivers of return. I would argue that that applies to more of the names you reference than just Doerr. For example, the early success of YC with dropbox helped drive better deal flow for future deals.