No metric of investment success is very instructive unless there's some estimate of or proxy for purchase price of positions. For example, some VCs play the ga

No metric of investment success is very instructive unless there's some estimate of or proxy for purchase price of positions. For example, some VCs play the game of buying a bit of stock in as many hugely successful start-ups as they can, even if it's on the secondary private market at near-IPO valuations, so that they can put cool logos on their websites.