Doesn't this depend upon how your stratify the data? That technicality aside, two points worth making: (1) VC funds are like startups. All of the money (that i

Doesn't this depend upon how your stratify the data? That technicality aside, two points worth making: (1) VC funds are like startups. All of the money (that is made) investing in the winners, not the losers; and (2) The other side of the coin: VC is also like investing in hollywood Films and pro-sports franchises. People have an irrational desire 'to be in the game', and much value can be extracted through (what is best thought of as) dark externalities.