As a group. But not individually. That's the point. It would be like saying that mutual funds in a category might outperform the market but individually 80% of

As a group. But not individually. That's the point. It would be like saying that mutual funds in a category might outperform the market but individually 80% of them don't. Unfortunately you can't invest in VCs as a group. There's no index fund of VCs. So you have to pick individual ones. 95% of those underperform the S&P.