Merging a few themes that have appeared in other posts but that I haven't seen combined into one, the outlier-based nature of large VC returns and the lack of l

Merging a few themes that have appeared in other posts but that I haven't seen combined into one, the outlier-based nature of large VC returns and the lack of liquidity prior to those outlier events makes IRR a bad metric for VC investment decision-making because it's not just a lagging indicator, it's a bursty and discontinuous laggy indicator.