The simple notion that power law returns encompass venture capital performance is an oversimplification.
These laws describe an outcome, not the controllable mechanisms that produce or modify it.
Market and regulatory context, such as the tax incentives of MAS in Singapore, directly modulate the distribution of returns.
Ignoring these modulators amounts to neglecting the discipline needed to navigate volatility.
The relevance of factors like decision quality remains paramount, regardless of broader distribution patterns.