> Venture as an asset class has underperformed the S&P over the last 10 years[1], so you probably aren't missing out on much. And that's actually biasing the c

> Venture as an asset class has underperformed the S&P over the last 10 years[1], so you probably aren't missing out on much. And that's actually biasing the comparison in VC's favor. The S&P 500 is a large-cap index. Venture capital is supposed to invest in early-stage companies with high growth prospects. A fairer comparison would be to a small-cap index, or to private equity, or to private equity that only takes on small-caps. Also note that venture capital is risky and illiquid. It should earn a risk and liquidity premium vs. the public stock market. If it can't earn at least this premium, then it would be producing negative alpha.