Huh? That quote doesn't say that returns are bimodal at all. Saying that "practically all the returns are concentrated in a few big successes" is consistent wit

Huh? That quote doesn't say that returns are bimodal at all. Saying that "practically all the returns are concentrated in a few big successes" is consistent with a power law distribution. And saying that angels can "win battles" implies that some companies are successful without bringing huge returns.