Pushing for the top: the hierarchy of performance factors in venture capital is far from stable or universal.
The dominance of the power law is not an absolute truth but a contextual observation that can be largely overshadowed by specific market dynamics or sophisticated investment strategies.
Where is the highest yield expression if we limit our view to this premise?
In emerging Southeast Asian markets, where exits are less mature, an obsessive focus on the power law could cause us to miss solid returns opportunities resulting from rigorous portfolio management and strategic decision-making.
Decision quality and portfolio size then become the true levers of maximum performance, even without a single dominant winner.