"picked off fast" is perhaps a bit generous - there are lots of great companies that got to series A without seeing a single "top VC" term sheet. -> That may be

"picked off fast" is perhaps a bit generous - there are lots of great companies that got to series A without seeing a single "top VC" term sheet. -> That may be but its certainly not the norm. IMO good investing needs to be viewed in terms of averages and STDEV, rather than outliers. You may very well encounter a seed stage unicorn but the weighted probability and time weighted return of that dramatically reduces your value relative to something more stable like real estate.