alt Hacker News> Companies being devalued is not news. It happens on the stock market everyday
TFA points specifically at "recent funds" that have underperformed public markets.
More recently launched funds have been returning markedly less money to investors than those of earlier vintages, according to the World Economic Forum. They have also underperformed the S&P 500 by a wide mark, particularly those that did not invest in a small club of artificial-intelligence superstars, says Mr Cohan.
Power law at play, apparently: High risk with high rewards only for the top 5%.
... already, just 5% of them produce 90% of its profits.
And VC even historically has not performed especially well. And just to take an anecdotal example, I have a friend who did some angel investing. He still does a bit on companies he believes in but admits he's have done a lot better putting a lot of the money into NASDAQ or some other index, much less some of the big tech firms.