[maxgiraldo]

I'm still under the impression that if you gave the same set of companies to every VC in the world and had each of them bet on the winners, that you wouldn't see that much of a difference in portfolio performance from the very worst to the very best VCs. There's no magic formula for choosing companies that firms like KP have--a lot of it is based on their reputation. Plus, the next Facebook is not going to look like Facebook or whatever that maxim was. The better companies tend to go to the VCs with the better reputation and the cycle continues.

[village-idiot]

> Plus, the next Facebook is not going to look like Facebook or whatever that maxim was.

Everyone fights the last war.