Notably, most of the best vintages were extremely contrarian - who tf was investing in VC post-GFC, who tf was investing in crypto funds in 2016, hardtech for a long time was seen as not venture-backable, etc.
Glory to ownership tokens
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What's the appropriate hurdle for venture? Over the last 10 years:
S&P was ~4.05x / 15.1% IRR
QQQ was ~6.39x / 20.4% IRR
FAANG was ~8.33x / 23.6% IRR
S&P would be a 90th+ percentile fund and QQQ/FAANG would both be 95th+ percentile. And fully liquid.
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