Generating liquidity and returning capital in a reasonable timeframe has become increasingly difficult in the current venture capital environment.

“the tactics of generating liquidity in venture are very misunderstood and very under appreciated. And even then, you sell some things that are just absolute winners that had you waited another five or six years would have turned another, you know, one or two turns, but that's not the job.”

Successful venture investing depends on finding power law winners that continue to compound even after going public, rather than indexing the asset class.

“the job of investing is to find the power law winners. It is not to buy the index. If you buy the index, you are losing to the market.”