[andy_ppp]

And isn't 16% ans 12% still excellent? It seems better than almost anything else really...

[AJRF]

Certainly not excellent - Obviously there is a lot that goes into it - but 20% would be closer to the average expected return on a VC fund like A16z based on the style of investing, not achieving that - or higher - would be a disappointing run.

[rongenre]

This isn't an index fund we're talking about.

[khuey]

The S&P 500 has returned an average of 12.5% annually since 2011.