VC funds themselves are poor investments: "VC returns haven’t significantly outperformed the public market since the late 1990s, and, since 1997, less cash has

VC funds themselves are poor investments: "VC returns haven’t significantly outperformed the public market since the late 1990s, and, since 1997, less cash has been returned to investors than has been invested in VC". They want 100x returns from their one winning investment, but most VC funds fail to find their unicorn. Yes, selection bias, but also conflating funds with unicorns!