Good returns can come both from consensus and nonconsensus companies. For example, Robinhood has publicly spoken about the large number of investors that passed

Good returns can come both from consensus and nonconsensus companies. For example, Robinhood has publicly spoken about the large number of investors that passed on their seed round, while Flexport has been inundated with interest during every funding round. One big constraint on the # of investments per year for a fund is the amount of time that the fund's partners have. Investors want to differentiate themselves with the help they can provide, and help takes time. As a result, a Series A investor/board member can manage 1-2 new investments per year, while a seed investor might be able to manage 3-8 new investments per year. So # of partners * ~5 investments per year is a good estimate of how many investments a hands on seed fund will do. There are funds that invest in a lot more companies, but they tend to write small checks and are less hands on.