In a narrow sense, yes, but virtually all investor returns typically come from a few big winners. For example, although many Y Combinator startups have achieved

In a narrow sense, yes, but virtually all investor returns typically come from a few big winners. For example, although many Y Combinator startups have achieved great success, most of YC's returns come from just three companies: Airbnb, Stripe, and Dropbox. If all an investor's winning startups exited at the ~$10m level, their returns would be anemic at best, and would quite possibly be negative after factoring in losses from failed companies. I think that's what the grandparent comment was getting at.