David, great thinking. It would be nice if all asset allocation was rational. There are many factors at play here though – which is why established funds grow to dominate until they are patently underperforming or the fee load is too high. Your thinking is a bit like the efficient markets hypothesis, a good theory but less so in practice. Unless the industry is supply constrained the trend is to top quartile on a historic basis and minimum AUM as a gate. After that it’s indexation and then after that a risky bet on a new manager. So we invest for the future in VC based on the past (ironic) and we hedge our bets (and dilute our outcomes). Just saying.