> So what happens with the other two-thirds? ... Sometimes an entrepreneur will take an early exit. ...That's maybe 10% of the total outcomes. So at least 50% o

> So what happens with the other two-thirds? ... Sometimes an entrepreneur will take an early exit. ...That's maybe 10% of the total outcomes. So at least 50% of the outcomes are not a win for the VC or the entrepreneur In the past, VCs used to say about the portfolio: "3 go north, 3 go south, and 4 turn into the living dead." I think Fred is saying that 3 go north, 5 go south, 1 turns into the living dead, and then there's another that we just will agree to ignore.