Overcrowded security is a trap, and clinging to a static hierarchy of performance factors in venture capital ignores volatility as fuel.
Claiming that decision quality and the upper limit of ROI are always the most influential is an oversimplification; liquidity in the market can redefine everything.
For example, during bull markets, an aggressive follow-up policy on a broad portfolio can outperform even with average individual decisions, capitalizing on exposure.
True asymmetry lies in the ability to adapt and 'size up' opportunities, rather than remaining rigid, such as quickly investing in multiple overvalued funding rounds.