Agree actually. The problem with seed stage financing is the opacity of the returns data. In the stock market, you have a very public scorecard at the end of ea

Agree actually. The problem with seed stage financing is the opacity of the returns data. In the stock market, you have a very public scorecard at the end of each day telling you and those who know what you've invested in how you are doing. With seed investing, there is no such mechanism and the time horizon is much longer. Not a daily scorecard but one over many years. Add to this that the scoring is imperfect, ie prone to spin as failed companies get dressed up as acquisitions instead of asset sales for example.