A Tale of Two Squirrels: The Not So Simple Math on Venture Portfolio Size
Matt H. Lerner

Great article. One question on the 20 portfolio simulations. Why isn’t their a second, smaller “hump” of returns that are on the high side for those portfolios that have 1 of the 1% amazing investments. Shouldn’t that happen 20% of the time and lead to a much higher return portfolio since that one investment will represent a much larger portion of the investment?

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