Uncover the veil of the hypothesis: venture capital performance is not a simple hierarchy of factors.
Considering the power law as one factor among others is an oversimplification of market reality.
Asymmetric returns are the fundamental structure that gives meaning to all other performance levers, such as decision quality or portfolio size.
In Copenhagen, ignoring the asymmetric nature of returns could lead us to dilute our investments in moderate-potential companies instead of concentrating resources on the rare winners.