Read my other replies, venture investing model assumes that 80% of your portfolio will go to 0 and that you hit a few unicorns that will account for most of you

Read my other replies, venture investing model assumes that 80% of your portfolio will go to 0 and that you hit a few unicorns that will account for most of your returns. I'm saying that Bezos can have a diversified portfolio and when he hits an Uber or Google he 1000xes his investment, which increases his net worth but isn't taxed because he gets to hold it for as long as he wants. Each year a % of his investments go to 0 and he gets to use that to cash out some of his gains without paying any taxes on them since his net gain is 0. I'm not saying that he can save money by investing in a bunch of juiceros, just that each year when a few of his investments are duds he has a pool of unrealized gains that he can pull out tax free to match the losses.