Think that means 95% of bets over a small period of time? (A single fund within the VC) as opposed to the whole VC since inception. And so not comparable. VC

Think that means 95% of bets over a small period of time? (A single fund within the VC) as opposed to the whole VC since inception. And so not comparable. VC investing is also a tax write off for rich investors which is offset against their gains elsewhere, wasted company money is a loss for the share buyer.