Adequacy is not sufficient when it comes to understanding venture capital performance; a static hierarchy of factors ignores the flow dynamics.
Pushing for the peak means recognizing that the ability to navigate specific market conditions, such as liquidity cycles in Hong Kong or policy changes in China, can eclipse perfect individual decisions.
The true expression of maximizing returns comes from exploiting structural advantages and regional arbitrage windows, not just internal decision optimization.
For example, a Family Office in Hong Kong can achieve asymmetric returns by participating in mainland funding rounds via Stock Connect or quickly mobilizing offshore RMB capital, surpassing the simple concept of decision quality.